26 September 2025

Since receiving the management mandate from the Ministry of Finance in 2019 to invest in unlisted renewable energy infrastructure, we have completed eight direct investments in European solar, onshore and offshore wind, and electricity transmission systems, as well as one indirect investment through a global renewable energy fund.

We continue to build this portfolio and have now entered into an agreement for a second indirect investment through a fund, in line with our strategy for this period. On 25 September, we agreed to commit 1.5 billion US dollars to Brookfield Asset Management’s Global Transition Fund II (BGTF II).

"This agreement marks our first investment in an energy transition fund. BGTF II will enable us to invest in projects that develop renewable energy infrastructure while also supporting the broader transition to low-carbon solutions across industries", says Harald von Heyden, Global Head of Energy and Infrastructure at Norges Bank Investment Management.

BGTF II focuses on business transformation, clean energy, and sustainable solutions aimed at accelerating the transition to a net-zero economy. The fund will invest across North America, South America, Europe, and Asia Pacific regions where Brookfield has established operational presence.

“After thorough due diligence on both investment and non-financial risks, we are confident in our selection of Brookfield as a partner for this important investment. Brookfield has established itself as a global leader in the energy transition space, managing one of the world's largest renewable energy portfolios”, says von Heyden.

Press contact:
Roar Wold
Lead Communication Advisor External Relations
Tel: +47 915 82 902
Email: press@nbim.no

[1] Norges Bank Investment Management is the fund management division of Norges Bank. All unlisted (or direct) investments in real estate and renewable energy infrastructure are made and managed by subsidiary structures set up by Norges Bank.