BCI and Norges team up with Brookfield to hold renewable energy assets

A trio of powerhouse investors has teamed up to create a renewable energy company that will generate steady cash flow in a turbulent market.

British Columbia Investment Management Corp., Norges Bank Investment Management and Brookfield Asset Management have launched Northview Energy, a private company that will acquire and own wind, solar and battery storage assets in the US and Canada.

The new company will kick off with a portfolio of energy assets acquired from Brookfield portfolio companies, including Deriva Energy, Scout Clean Energy and Urban Grid, with the option to acquire up to $1.5 billion more in Brookfield-managed assets. “We see a compelling opportunity to build a scaled platform focused on long-term value creation in the energy sector,”  said Brookfield’s Jeh Vevaina on LinkedIn. 

Risk off

Northview’s initial portfolio includes a “de-risked” mix of US-based utility scale solar and onshore wind operations with long-term offtakers, totalling 2.3 gigawatts of energy across six fast-growing power markets. It will look to acquire similar assets with predictable cash flows and long-term contracts with investment grade counterparties.

“With a diversified portfolio of new solar and wind projects serving an established base of premium clients, the platform is designed to be resilient in an evolving energy landscape,” said Lincoln Webb of BCI, one of Canada’s largest institutional investors. For Norges, which manages the Norwegian Government Pension Fund Global, the deal marks the firm’s foray into renewable energy infrastructure in North America.

“We are pleased to partner with Brookfield and BCI as we seek to capture compelling opportunities in one of the world’s largest renewable energy markets,” said Harald von Heyden of Norges.