Norges Bank Investment Management (NBIM) has announced results from its investments for 2025. Unlisted renewable infrastructure, which accounts for 0.4% of the $1.8tn Government Pension Fund Global portfolio, delivered a strong return of 18.1%.
Overall, the portfolio yielded 15.1% over the year. Performance, the fund says, was bolstered by its listed equity holdings – which delivered a 19.3% return. Listed equity is NBIM’s largest exposure, at 71.3% of the GPFG portfolio.
“The fund delivered very strong results in 2025. Stocks in technology, financials and basic materials stood out, making a significant contribution to the overall return”, commented NBIM chief executive Nicolai Tangen.
Fixed income is the fund’s second largest holding – at 26.5%. Returns in 2025 stood at 5.4%.
The unlisted renewable infrastructure exposure currently encompasses a portfolio of solar and wind assets. An inaugural transition fund investment into Brookfield Renewables’ Global Transition Fund II was announced in September 2025.
NBIM’s mandate allows for a maximum exposure to renewable infrastructure of 2%.
Late last year, NBIM signalled its intent to diversify investments in renewable infrastructure. According to its new three-year strategic plan, NBIM will look to gradually increase allocations to not only indirect structures but also a wider range of technologies.
