Norway Makes Renewable Energy Inroad in the US

Norway's sovereign wealth fund has acquired a 33.3% stake in a US portfolio of solar and wind assets, marking its first renewable energy investment in the region. The total stake value is $425 million, and the portfolio has a capacity of 2.3 GW. Additional investments are planned.

Norway's sovereign wealth fund, the largest in the world, made headlines with its inaugural investment in U.S. renewable energy assets. The fund has acquired a 33.3% equity stake in a mixed portfolio containing 17 solar plants and five onshore wind power facilities.

The Norske Bank Investment Management (NBIM) announced that it will invest $425 million for its stake, with the entire portfolio's enterprise value estimated at $2.6 billion. An NBIM spokesperson confirmed that these assets are all located in the United States.

In addition to Norway's fund, the British Columbia Investment Management Corporation (BCI) and Brookfield will each also own a 33.3% share in the portfolio, which offers a power output capacity of approximately 2.3 gigawatts. The group aims to further invest $1.5 billion in renewable energy across the U.S. and Canada through their joint venture, Northview Energy.

(With inputs from agencies.)