Norges Bank Investment Management has invested $1.5 billion in Brookfield Asset Management’s Global Transition Fund II to enhance its portfolio in renewable energy.

Target Information

Norges Bank Investment Management has made a significant commitment of $1.5 billion to Brookfield Asset Management’s Global Transition Fund II (BGTF II). This investment represents Norges Bank's inaugural entry into an energy transition fund, emphasizing its strategic shift towards enhancing its portfolio with unlisted renewable energy assets. The finalization of this agreement took place on September 25, showcasing a key milestone in Norges Bank's investment journey.

Since receiving a mandate from Norway's Ministry of Finance in 2019, Norges Bank has made substantial strides in diversifying its investments by executing eight direct investments within the European renewable sector. These investments span various domains, including solar energy, both onshore and offshore wind projects, and electricity transmission systems, supplemented by an earlier indirect investment through a global renewables fund.

Industry Overview in Norway

Norway stands out as a pioneer in the renewable energy sector, driven primarily by its abundant access to hydropower, accounting for around 95% of the nation’s electricity generation. With strong governmental support and public awareness, the country has g