Brookfield Asset Management, British Columbia Investment Management Corporation, and Norges Bank Investment Management announced the creation of Northview Energy, a privately held renewable energy company focused on acquiring and owning contracted, operating renewable assets in the United States and Canada.
Northview will start with 22 utility‑scale solar and onshore wind assets totaling about 2.3 GW of operating capacity. All assets are backed by long‑term power purchase agreements with investment‑grade counterparties, giving the vehicle a highly de‑risked, stable cash‑flow profile. The weighted average remaining term of the PPAs is roughly 16 years.
The three partners will each contribute equal capital and hold equal ownership stakes. Norges Bank Investment Management will pay approximately USD 425 million for its 33.3 % stake, implying an enterprise value of about USD 2.6 billion for the seed portfolio. The partnership also includes a framework agreement that allows Northview to acquire additional assets from Brookfield‑managed platforms—Deriva Energy, Scout Clean Energy, and Urban Grid—potentially adding up to USD 1.5 billion of equity capital.
"Northview is a highly strategic addition to our infrastructure portfolio, bringing together de‑risked renewable energy assets, long‑term contracted revenues, and a clear path for growth alongside likeminded, high‑calibre partners," said Lincoln Webb, Executive Vice President and Global Head of Infrastructure & Renewable Resources at BCI. "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," added Jehangir Vevaina, Chief Investment Officer of Brookfield’s Renewable Power and Transition Group. Harald von Heyden, Global Head of Energy and Infrastructure at Norges Bank Investment Management, noted that the launch "marks our first investment in North America and an important step in diversifying our renewable energy infrastructure portfolio."
"Energy demand is growing fast, driven by the rise of artificial intelligence and the electrification of industry and transportation. Against this backdrop, we need an ‘any and all’ approach to energy investment that continues to favor low‑carbon resources. Our strategy is to invest in technologies that deliver clean, abundant, and affordable energy, the foundation for the modern global economy," said Connor Teskey, President of Brookfield Asset Management.
By creating a dedicated vehicle for de‑risked renewable assets, Brookfield and its partners can accelerate deployment of clean energy, monetize existing Brookfield platforms, and provide investors with a stable, contract‑backed return stream. The framework agreement also signals a clear growth pathway, potentially adding significant new capacity and capital under management in the coming years.
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