Norwegian

company 1 Deal 5 Partners

Norges Bank Investment Management (NBIM) is the asset manager for the Norwegian Government Pension Fund Global, one of the world's largest sovereign wealth funds with over $1.6 trillion in assets under management. Based in Oslo, Norway, it invests globally across equities, fixed income, real estate, and unlisted renewable energy infrastructure, primarily focusing on large-scale wind and solar assets in Europe.

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Founded 1990 600 employees Parent: Norges Bank

Sovereign Wealth FundInvestorAsset Manager

Strategic Overview

Began investing in unlisted renewable energy infrastructure as a new asset class in 2021.
Focuses on large-scale, operational or near-operational renewable energy assets.
Primary geographic focus for unlisted infrastructure investments is currently Europe, with a strong presence in Spain.
Engages in partnerships and co-investments with established developers and operators.

Deal History (1)

Norwegian launches Europe's first state-subsidized domestic route with 40% SAF

Partner Transport Denmark Mar 5, 2026

Deal Activity from Public Sources

Acquired 49.9% stake in a 1.3 GW portfolio of onshore wind and solar PV projects in Spain from Iberdrola

Acquisition Onshore Wind, Solar PV Spain October 2023 1300 MW with Iberdrola

Acquired 45% stake in a 1.5 GW portfolio of onshore wind and solar PV projects in Spain and Portugal from Iberdrola

Acquisition Onshore Wind, Solar PV Spain June 2023 1500 MW with Iberdrola

Acquired 50% stake in a 573 MW onshore wind portfolio in Spain from Iberdrola

Acquisition Onshore Wind Spain November 2022 573 MW with Iberdrola

Acquired 50% stake in the Borssele I & II offshore wind farm in the Netherlands from Ørsted

Acquisition Offshore Wind Netherlands April 2022 752 MW with Ørsted

Acquired 50% stake in a 670 MW solar PV portfolio in Spain from Iberdrola

Acquisition Solar PV Spain March 2022 670 MW with Iberdrola

Investment Focus

Technologies

Transport1

Geography

Denmark1

Key People

Nicolai Tangen

CEO

Trond Grande

Deputy CEO

Carine Smith Ihenacho

Chief Governance and Compliance Officer

Track Record

Deals Completed

Years Active

Notable projects: Borssele I & II Offshore Wind Farm (Netherlands), Renewable energy portfolios in Spain and Portugal with Iberdrola

Detailed Analysis

Technologies

Onshore Wind (4 deals)Solar PV (3 deals)Offshore Wind (1 deal)

Geographies

NorwaySpain (4 deals)Portugal (1 deal)Netherlands (1 deal)Global

Deal Stage

OperationalDevelopment

Deal Structure

Direct Equity InvestmentCo-investment

Portfolio Companies

1.3 GW Onshore Wind & Solar PV Portfolio (Spain) — Renewables1.5 GW Onshore Wind & Solar PV Portfolio (Spain & Portugal) — Renewables573 MW Onshore Wind Portfolio (Spain) — Onshore WindBorssele I & II Offshore Wind Farm (Netherlands) — Offshore Wind670 MW Solar PV Portfolio (Spain) — Solar PV

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