Norges Bank Investment Management has entered into an agreement with Brookfield Asset Management to commit $1.5 billion to Brookfield’s Global Transition Fund II (BGTF II). BGTF II will direct these investments toward business transformation, clean energy, and sustainable solutions. This is Norges Bank Investment Management’s first investment in an energy transition fund. The fund’s investment will span North America, South America, Europe, and Asia-Pacific, where Brookfield has established operations.
Earlier this month, Norges Bank Investment Management agreed to invest €4.5 billion in German transmission system operator TenneT Germany, raising its stake to 21.8 per cent. The investment will support the expansion of Germany’s electricity transmission grid. Norges Bank Investment Management is the fund management division of Norges Bank.
Also earlier this month, Brookfield entered into a joint investment framework agreement with Solarvest Holdings Bhd to jointly develop, construct, and operate more than 1,500 MW of utility-scale solar and battery energy storage system (BESS) projects. These projects will be developed in Malaysia over the next three to five years.
