Norges Bank Investment Management (NBIM), the investment manager for Norway’s $2 trillion oil fund, British Columbia Investment Management Corporation (BCI) and Brookfield announced the launch of Northview Energy, a new platform to acquire and own a contracted, operating renewable assets in the U.S. and Canada.
As part of the launch, Northview Energy will acquire a seed portfolio of assets from renewable energy companies currently managed by Brookfield. NBIM said that it will pay approximately $425 million for its 33.3% share, valuing the seed portfolio at a $2.6 billion enterprise value.
The seed portfolio includes 22 operating assets totaling approximately 2.3 GW of capacity, comprised of 17 utility-scale solar facilities and 5 onshore wind farms across 11 states and six power markets, with each asset backed by long-term power purchase agreements with a weighted average remaining term of approximately 16 years.
Harald von Heyden, Global Head of Energy and Infrastructure at NBIM, said:
“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.”
The new platform is also being launched with a Framework Agreement for potential future acquisitions of renewable assets from Brookfield-managed portfolio companies in the U.S. and Canada, representing up to $1.5 billion of equity capital. The companies said that future acquisitions are expected to focus on de-risked operating assets, including onshore wind, utility scale solar and battery storage, that generate stable and predictable cash flows under long-term contracts with investment grade counterparties.
Jehangir Vevaina, Chief Investment Officer for Brookfield’s Renewable Power & Transition group, said:
“This partnership marks the creation of a scalable platform for Brookfield and our partners. Northview Energy will be an owner of high-quality operating assets that deliver affordable and clean power to the grid and the framework for future acquisitions provides a clear growth pathway for the vehicle to add de-risked, high-quality, cash yielding assets delivering strong returns.”
Under the agreement, each of the investors will equally fund and own the new platform, with future acquisitions to be approved by each partner, who will each contribute pro rata to fund acquisitions.
Lincoln Webb, Executive Vice President & Global Head, Infrastructure & Renewable Resources at BCI, said:
“Northview is a highly strategic addition to our infrastructure portfolio, bringing together de‑risked renewable energy assets, long‑term contracted revenues, and a clear path for growth alongside likeminded, high‑calibre partners.”
