Norway sovereign wealth fund eyes renewables investments after debut deal

Facebook
Twitter
LinkedIn
Reddit
Email
The Borselle offshore wind farm (pictured) is NBIM’s first direct investment in renewable energy infrastructure. Image: Orsted.

Norway’s sovereign wealth fund is eyeing potential investments in solar generation assets after making its first foray into renewables infrastructure.

Earlier today the fund, which has a worth upwards of US$1.3 trillion, confirmed its first direct investment in renewable energy, taking a 50% stake in Orsted’s Borssele wind farm for US$1.63 billion.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

Mie Holstad, chief real assets officer at Norges Bank Investment Management (NBIM), the fund’s manager, said the deal was in line with its strategy to “build a high-quality portfolio of wind and solar power generation assets”.

“The unlisted renewable energy infrastructure strategy supplements our existing unlisted real estate portfolio well, and we draw on our long experience with direct investment,” Holstad said.

NBIM chief executive officer Nicolai Tangen added that investments in infrastructure assets would help diversify the fund’s investment base, noting that the firm was looking forward to executing on further deals.

Norway’s sovereign wealth fund operates under a mandate that stipulates around 30% of its investments to be of a fixed-income nature, while the remaining 70% is allocated towards equity markets, featuring shares in a large number of companies worldwide.

While the majority of its energy-related equity investments outside of oil and gas are in public utilities, it does hold interests in a number of solar companies or entities with solar interests, including the likes of Xinyi Energy, GCL New Energy, Neoen, Sunrun, Array Technologies and Soltec.

A strategy update for the 2021/22 financial year, also published today, states the fund’s aim to “gradually build up” its renewable energy portfolio, focusing primarily on wind and solar projects. Of particular interest are those with reduced power price risk, those with stable cash flow and those with limited investment risk.

Furthermore, the strategy also states NBIM’s aim to invest “alongside high-quality partners with proven operational experience.”

Read Next

September 11, 2025
The EBRD has launched a new programme to improve access to green financing and support energy investments such as renewable power projects.
August 28, 2025
Venture capital firm Pacific Channel has launched Fund V, which targets 10GW of solar, wind, and energy storage in New Zealand.
Premium
August 1, 2025
Sustained private investment into UK solar is starting to produce results, at least with regard to the role of solar power in its energy mix.
August 1, 2025
Dutch pension fund APG has agreed to provide Octopus Australia with AU$1 billion to support its solar, wind, and BESS portfolio.
July 28, 2025
Australia’s Clean Energy Finance Corporation (CEFC) has announced it has invested a record AU$4.7 billion (US$3.09 billion) in large-scale renewables, energy storage, and transmission projects during the 12-month period ending 30 June 2025.
Premium
July 17, 2025
Implementing greater policy clarity pertaining to the EPBD will be essential if Europe is to realise its distributed rooftop solar targets.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK
Solar Media Events
October 2, 2025
London,UK
Solar Media Events
October 7, 2025
Manila, Philippines
Solar Media Events
October 7, 2025
San Francisco Bay Area, USA