Norges Bank Investment Management, which manages Norway’s Government Pension Fund Global, has announced a €1.2bn allocation to unlisted renewable energy infrastructure. The investment will target the sixth flagship fund by Copenhagen Infrastructure Partners (CIP).
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According to NBIM’s statement, CIP VI will invest in development stage projects across generation and storage. Geographically it will target OECD economies across North America, Western Europe and the Asia Pacific region.
“"CI VI allows us to keep investing in renewable energy projects at the development stage and builds on a partnership that has worked well for the fund since 2024," commented Harald von Heyden, NBIM’s global head of energy and infrastructure.
Previously, NBIM had backed CIP’s CI V with a €900m investment. CI V, which has the largest project pipeline within CIP’s fund universe, achieved a final close of €12bn. The fund which owned 50 infrastructure projects when it closed, targets greenfield large-scale projects across a diversified range of technologies.
The investment in CI VI is the latest in NBIM’s strategic embrace of the investment opportunity in renewable energy infrastructure.
NBIM’s management mandate allows allocations of up to 2% of the fund in such assets. In December 2025, the fund said it would look to diversify its exposure to the asset class. A new three-year strategic plan published at the time included a push to diversify across not only technologies but also indirect investment structures.
Months prior, NBIM announced an inaugural transition fund investment in Brookfield Asset Management’s Global Transition Fund II.
NBIM’s disclosures also reflect these priorities. “We invest directly in wind and solar power and will increase investments in distribution and storage as investment opportunities arise. We will gradually invest more through indirect structures”, NBIM says in its investment strategy.
According to its disclosures, unlisted renewable energy currently accounts for 0.4% of NBIM’s holdings spread across eight wind energy assets, five solar energy, three fund allocations and one German grid investment in partnership with APG and GIC.
