British Columbia Investment Management Corporation (BCI), Norges Bank Investment Management (NBIM) and Brookfield have established Northview Energy, a company dedicated to acquiring and managing renewable energy assets throughout the US and Canada.
The company, a private entity, will be equally owned by the three parties involved.
NBIM is set to invest approximately $425m (Nkr4.11bn) for its one-third share in Northview’s portfolio, valuing the entire enterprise at around $2.6bn.
Northview Energy’s initial portfolio is sourced from assets managed by Brookfield, including those from Deriva Energy, Scout Clean Energy and Urban Grid.
This seed portfolio comprises 22 newly operational sites, including 17 solar and five onshore wind farms, with a combined capacity of approximately 2.3GW.
These assets are spread across six power markets in the US, all secured through long-term power purchase agreements with high-credit counterparties, with an average remaining term of 16 years.
BCI, NBIM and Brookfield will retain customary governance rights over Northview, which will be led by a dedicated management team.
NBIM global head of energy and infrastructure Harald von Heyden said: “This marks our first investment in North America and an important step in diversifying our renewable energy infrastructure portfolio.
“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.”
In addition to the initial assets, Northview has a framework agreement in place for potential acquisitions of additional renewable resources from Brookfield-managed entities in the US and Canada, potentially amounting to $1.5bn in equity capital.
Future asset acquisitions are expected to focus on stable, de-risked operations such as onshore wind, utility-scale solar and battery storage facilities.
The new acquisitions will require approval from all three investing parties, which will contribute equally to the funding.
The official launch of Northview Energy is scheduled for the second quarter of 2026, pending necessary approvals and closing conditions.
TD Securities provided exclusive financial advisory services to Brookfield for both the sale of the seed portfolio and future commitments.
Brookfield’s renewable power and transition group chief investment officer, Jehangir Vevaina, said: “This partnership marks the creation of a scalable platform for Brookfield and our partners.
“Northview Energy will be an owner of high-quality operating assets that deliver affordable and clean power to the grid, and the framework for future acquisitions provides a clear growth pathway for the vehicle to add de-risked, high-quality, cash-yielding assets delivering strong returns.”
