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 in the United States and Canada.
The company, a private company, will be owned equally by the three parties.
NBIM is investing approximately $425 million (Nkr4.11bn) for its one-third stake in Northview’s portfolio, valuing the entire enterprise at about $2.6bn.
Northview Energy’s primary portfolio originates from assets managed by Brookfield, including Deriva Energy, Scout Clean Energy and Urban Grid.
This seed portfolio consists of 22 new operating sites, including 17 solar and five wind farms, with a combined capacity of approximately 2.3GW.
These assets are spread across six electricity markets in the United States, all secured by long-term power purchase agreements with highly creditworthy competitors, with an average remaining term of 16 years.
BCI, NBIM and Brookfield will retain traditional governance rights in Northview, which will be led by a dedicated management team.
NBIM’s global director of energy and infrastructure, Harald van Heyden, said: “This is our first investment in North America and an important step in diversifying our renewable energy infrastructure portfolio.
“We are excited to partner with Brookfield and BCI as we continue to pursue significant opportunities in one of the world’s largest renewable energy markets.”
In addition to the initial assets, Northview has a framework agreement for the potential acquisition of additional renewable resources from entities managed by Brookfield in the US and Canada, potentially investing $1.5bn in capital.
Future asset acquisitions are expected to focus on stable, risk-free operations such as offshore wind, utility-scale solar and battery storage facilities.
The new acquisition will require the approval of all three investor parties, which will contribute equally to the financing.
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.
Jehangir Vivina, Chief Investment Officer, Brookfield Renewable Power & Transmission Group, said: “This partnership marks the creation of a scalable platform for Brookfield and our partners.
“Northview Energy will own high-quality operating assets that deliver affordable and clean power to the grid, and the framework for future acquisitions provides a clear growth path for the vehicle to add risk-reducing, high-quality, cash-generating assets that deliver strong returns.”
