Norway’s NOK22trn (€2trn) sovereign wealth fund, managed by Norges Bank Investment Management (NBIM), has committed €1.2bn to Copenhagen Infrastructure Partners’ (CIP) sixth flagship renewable energy fund, CI VI.
The commitment follows NBIM’s €900m allocation to the previous fund, CI V, in 2024, expanding its exposure to greenfield generation and energy storage assets across OECD markets in Western Europe, North America and Asia-Pacific.
Harald von Heyden, global head of energy and infrastructure at NBIM, said: “CI VI allows us to keep investing in renewable energy projects at the development stage, and builds on a partnership that has worked well for the fund since 2024.”
Separately, CIP has taken a financial investment decision on a €270m, 350MW/1,400MWh battery energy storage system (BESS) project in Kilmarnock South, Scotland, invested through its earlier CI IV fund.
Nischal Agarwal, partner at CIP, said: “CIP is pleased to add Kilmarnock South to our growing portfolio of UK battery projects, which, once commissioned, will be the longest-duration BESS asset in our UK fleet.
“Well-sited battery energy storage projects provide valuable power system flexibility which enables the full benefits of low-cost renewables to be captured, strengthening security of supply and helping to both cut and stabilise energy bills for consumers.”
Michael Shanks, UK energy minister, said: “A former coal mine at Coalburn is now home to one of Europe’s largest batteries storing clean power, while at Kilmarnock South, a new £232m [€272m] battery will store even more Scottish wind power for when it’s needed most.
“Together, these projects mean less homegrown power going to waste, greater energy security and lower bills over the long term.”
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