Norges Bank Investment Management has agreed to acquire a one-third interest in a North American portfolio of operating renewable energy assets in partnership with Brookfield and British Columbia Investment Management Corporation.
Norges Bank Investment Management will pay about USD 425m for its stake, valuing the enterprise at roughly USD 2.6bn, the fund said.
Each of the three partners will hold an equal ownership share in the portfolio, according to the announcement.
The portfolio covers 22 operating assets totalling about 2.3GW of capacity, including 17 utility-scale solar facilities and five onshore wind farms across 11 states and six power markets.
“This marks our first investment in North America and an important step in diversifying our renewable energy infrastructure portfolio. We are pleased to partner with Brookfield and BCI as we seek to capture compelling opportunities in one of the world’s largest renewable energy markets,” said Harald von Heyden (pictured), global head of energy and infrastructure at Norges Bank Investment Management.