Norges Bank Investment Management (NBIM) announced a new agreement with Brookfield Asset Management, committing US$1.5 billion to its latest energy transition fund, the Brookfield Global Transition Fund (BGTF II).

The new agreement represents another step in NBIM’s ongoing effort to expand its renewable energy infrastructure portfolio. This initiative follows a 2019 directive from Norway’s Ministry of Finance that authorized the fund to invest in unlisted renewable energy assets. So far, NBIM has made eight direct investments across Europe in solar power, onshore and offshore wind projects, as well as electricity transmission networks. Additionally, it made an indirect investment last year by allocating EUR900 million (US$1 billion) to a fund managed by Copenhagen Infrastructure Partners.

Brookfield has announced the final institutional closing of its BGTF II, securing US$20 billion in commitments and strategic capital from a broad mix of existing and new investors. The fund surpassed both its initial target and the record set by its predecessor, making it the largest private fund in the world focused on clean energy transition. Investors from across the globe contributed to the fund, including several newcomers to Brookfield’s transition platform. Among the major commitments are US$2 billion from ALTÉRRA and US$1.5 billion from NBIM.