The globe’s biggest sovereign wealth fund, operated by Norway, has entered the American renewable energy market for the first time with a major acquisition announced Tuesday.
Norway’s investment management arm, known as Norges Bank Investment Management, spent $425 million to secure a one-third ownership share in a collection of clean energy facilities spanning 17 solar installations and five land-based wind farms throughout the United States.
The complete portfolio carries an estimated total value of approximately $2.6 billion, according to officials with the Norwegian fund.
Two other major investors will join Norway in this venture, with British Columbia Investment Management Corporation and Brookfield each acquiring matching 33.3% ownership stakes in the renewable energy collection, which can generate roughly 2.3 gigawatts of electricity.
The three investment partners will operate their holdings through a newly created joint company called Northview Energy, which British Columbia Investment Management Corporation revealed could potentially invest an additional $1.5 billion in future clean energy projects across both the United States and Canada.
