Washington State Investment Board (WSIB) is planning to be the lead investor in a new $1bn (€936m) renewable-energy infrastructure fund.
WSIB, which manages investments for several retirement plans and public funds, is looking to commit $300m to Geronimo Renewable Infrastructure Partners.
The manager of the fund, Geronimo Energy, did not comment, but WSIB said it was looking to raise $1bn for the fund.
WSIB’s commitment, which would represent nearly one-third of capital raised, was recommended at its private markets committee meeting last week. It will not be formerly approved until its full board meeting on 16 February.
The fund will invest in wind and solar assets in North America, with an emphasis on the US.
It will target mostly construction-ready and operational assets.
Geronimo has more than 1,600 megawatts’ worth of wind and solar energy projects – either operational or under construction – in the US.
The company’s near-term development pipeline has an aggregate capacity exceeding 2,000 megawatts of additional clean energy.
Washington State will place the investment into the tangible assets section of its investment portfolio
The investor had $2.9bn in tangible assets last September, with 45.7% in energy, 26.5% in essential social infrastructure, 21.6% in agricultural and 6.1% in minerals and mining.
Most of the investments (82.7%) are in North America.