Norges Bank Investment Management, the manager of Norway’s $2 trillion Government Pension Fund Global, is making good on its mandate to invest in private clean energy infrastructure. The world’s largest sovereign wealth fund will invest $1.5 billion in Brookfield Asset Management’s Global Transition Fund II.
The fund, which invests in clean energy and decarbonization solutions, closed on $10 billion last year and is expected to top Brookfield’s $15 billion first global transition fund.
The Norges Bank commitment “will enable us to invest in projects that develop renewable energy infrastructure while also supporting the broader transition to low-carbon solutions across industries,” said Harald von Heyden of Norges Bank Investment Management.
Energy infrastructure
The Government Pension Fund Global was set up in the 1990s to manage Norway’s oil wealth and act as a long term savings vehicle to benefit current and future generations. The diversified fund holds mostly publicly listed equities.
In 2019, the Norwegian government directed its fund manager to back unlisted clean energy infrastructure. Such assets today make up just 0.4% of its portfolio, but have generated the highest returns, at 9.4%, in the first half of 2025, according to Norges Bank Investment Management, besting even a hot public equities market.
The fund manager has so far made eight direct investments in wind, solar and energy transmission projects across Europe and has teamed up with Spanish utility company Iberdrola for projects in Spain and Portugal.
The investment is Norges’ second indirect investment into a fund, following a €900 million ($1.1 billion) commitment last August to Copenhagen Infrastructure Partners
