Norway’s sovereign wealth fund manager Norges Bank Investment Management (NBIM) has made a €900m commitment to a Copenhagen Infrastructure Partners (CIP) fund.
The manager of the NOK18trn (€1.5trn) Norwegian Government Pension Fund Global said it has agreed to back the Copenhagen Infrastructure V (CI V) fund.
As previously reported, CIP’s fifth flagship fund, CI V is seeking to raise €12bn to invest in a range of technologies from wind and solar photovoltaic to energy storage across Europe, North America and Asia Pacific.
Swedish pension and insurance group Folksam previously disclosed it is investing SEK5.6bn (€489m) in the CI V fund, with Folksam’s municipal pension fund subsidiary KPA Pension taking SEK3.8bn of the group’s slice.
IPE Real Assets also reported that the New Mexico State Investment Council had approved a $150m (€134m) investment directly into CI V and a $37.5m investment into the fund’s co-investment vehicle. New York State Common Retirement Fund also made a €300m commitment to both the CI V and a separate co-investment fund associated with it.
Mie Holstad, real assets CIO at NBIM said: “This agreement will enable us to invest in renewable energy projects in the development stage. The investment is a valuable addition to the portfolio we are currently building.
“It will provide further investment possibilities and exposure to other parts of the value chain, as well as the opportunity to continue building knowledge and experience with new markets and technologies.”
NBIM’s commitment to the CIP fund is being made under the authority of the 2019 management mandate from the Ministry of Finance, which allows for direct and indirect investments in unlisted renewable energy infrastructure.
NBIM said, to date, it has completed six direct investments in European solar, onshore and offshore wind projects.
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