March 3, 2020 / 5:15 PM / a month ago

Norway fund eyes close to $11 billion in wind parks and other unlisted renewables

OSLO (Reuters) - Norway’s $1.1 trillion sovereign wealth fund aims to invest around some 100 billion crowns ($10.77 billion) between now and 2022 in unlisted renewable projects such as wind parks and solar farms, its CEO said on Tuesday.

Until recently the fund could only invest in equities, bonds and unlisted real estate but is now allowed to invest in a new asset class, unlisted infrastructure projects, after extensive debates among Norwegian politicians.

Outgoing CEO Yngve Slyngstad will later this year be moving to London from Oslo to head a new team inside the fund dedicated to this type of investments.

“It will happen in 2020. We have a team of five people right now and the aim is to have 20 people,” he told a news conference on Tuesday to present a fund report on responsible investments.

“We will look at North America and Europe. It could happen first in either region,” he told reporters. “We are looking at wind parks and solar farms.”

“We have a strategic ambition between 2020 and 2022 to invest 100 billion Norwegian crowns over three years,” he said, adding that the overall sum would not be equal over three years but probably increase over the three-year period.

Reporting by Gwladys Fouche, editing by Louise Heavens

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