Norway’s Norges Bank Investment Management has pledged €900 million ($1.004 billion) to Copenhagen Infrastructure Partners’ (CIP) renewable energy fund, CI V. This fund will focus on developing renewable energy projects, including wind and solar, across various regions.
The investment aligns with the Ministry of Finance’s 2019 mandate, which supports investments in unlisted renewable energy infrastructure. The partnership also includes a €250 million investment by Copenhagen and Elgin’s retained management into the solar developer Elgin Energy, facilitating its transition to becoming an independent power producer (IPP).
CI V will direct its investments towards offshore and onshore wind farms, solar farms, and projects related to grid infrastructure, distribution, and energy storage. The investment strategy will be geographically diverse, spreading funds across North America, Western Europe, and selected developed countries in the Asia Pacific region.
Holstad praised CIP as a reputable and experienced industrial partner, noting that their evaluation showed CIP has consistently created value for investors transparently and responsibly. In April 2024, CIP took a majority stake in Irish solar developer Elgin Energy, further expanding its footprint in the renewable energy sector.