The Norwegian sovereign wealth fund wants to speed up investment in renewable energy infrastructure, but high prices are a hindrance. Norges Bank Investment Management invested around 11 billion euros last year in renewable energy infrastructure. According to Harald von Heyden, the company's global head of energy and infrastructure, the new capital invested in such assets this year was only “slightly more than 2 billion euros,” far below last year's level. “It's not a lack of experimentation,” he said. “We do want to invest more, but that depends on a number of factors. The market environment has changed from a 'buyer's market' to a 'seller's market'.” The fund's investment authorization allows it to invest up to 2% of its total assets in renewable energy and unlisted infrastructure projects. By the end of September, the unlisted renewable energy portfolio was worth 114 billion kroner, accounting for about 0.5% of the total size of the wealth fund. If committed investments up to 2030 are included, this ratio will reach 1%. The Q3 return rate for these investments was 7.5%, compared to 1.8% in the previous three months. Other asset classes performed worse: the return on stocks was 0.5%, unlisted real estate was slightly lower, and the fixed income contribution was negative.

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