Boss of Norway’s fund giant to steer US$10.7bn green energy splurge from London

The world’s largest sovereign wealth fund will tap its outgoing boss to lead a new campaign to invest billions of dollars in green energy in the space of a few years. Norges Bank Investment Management (NBIM) is to use its trillion-plus-dollar pot of oil wealth money to inject 100 billion Norwegian crowns (US$10.7 billion) into unlisted renewable projects by 2022, CEO Yngve Slyngstad said at a press conference on Tuesday. Contacted by PV Tech today, a NBIM spokesperson confirmed recent reports that it will be Slyngstad himself – CEO since 2008 but set to step down this year – who steers the green energy push, relocating from Oslo to London to coordinate efforts. Known under the GPFG moniker, the NBIM’s oil wealth fund holds assets of 10 trillion Norwegian crowns (US$1.09 trillion). Initially, the fund was legally barred from backing unlisted renewables but Norway’s government lifted the ban last autumn, in line with plans first unveiled last April.