Renewable energy infrastructure management
The fund invest in renewable energy infrastructure projects to improve the overall diversification. Up to 2 percent of the fund can be invested in unlisted infrastructure for renewable energy.
The management mandate was amended on 1 January 2020 to include this new investment area. The strategy supplements our existing unlisted real estate portfolio, and we draw on our long experience with unlisted investments. The mandate defines renewable energy infrastructure to cover production, transmission, distribution and storage of energy based on renewable energy sources.
Norges Bank’s Executive Board has established risk limits for geographies, project lifecycle and debt ratios. Within these mandate limits, we can invest directly in assets in developed markets in Europe and North America and in operational or construction phase assets.
On 7 April 2021, we announced our first investment in renewable energy infrastructure. The fund signed an agreement to acquire a 50 percent interest in the Borssele 1 & 2 offshore wind farm located in the Netherlands. The seller of the 50 percent interest was Ørsted A/S. Ørsted will remain co-owner and operator of the project.
Photo credit: Ørsted/Sky Pictures
On 16 January 2023, we signed an agreement to acquire a 49 percent interest in a portfolio of solar plants and onshore wind farms located in Spain. The seller of the 49 percent interest was Iberdrola. Iberdrola will remain co-owner and operator of the portfolio.
Last saved: 07/03/2023