British Columbia Investment Management Corporation (BCI), Norges Bank Investment Management and Brookfield have announced the establishment of Northview Energy, a privately held renewable energy company focused on acquiring and owning contracted, operating renewable energy assets across US and Canada. The company will be equally funded and owned by the three investors. Subject to regulatory approvals and customary closing conditions, Northview Energy is expected to officially launch in the second quarter of 2026.
As part of its initial portfolio, Northview will acquire renewable energy assets currently managed by Brookfield from Deriva Energy, Scout Clean Energy and Urban Grid. The seed portfolio comprises 22 contracted utility-scale solar and onshore wind assets located across six power markets in US. These assets have recently commenced operations and together represent approximately 2.3 GW of installed capacity. Additionally, the projects operate under long-term power purchase agreements with various investment-grade counterparties, with an average remaining contract tenure of around 16 years.
Furthermore, Northview Energy has entered into a framework agreement to potentially acquire additional renewable energy assets from Brookfield-managed portfolio companies in US and Canada. These potential transactions may involve equity investments of up to $1.5 billion. The acquisitions are expected to focus on operational renewable energy assets, including onshore wind, utility-scale solar and battery storage projects, all backed by long-term contracts. Any such acquisitions will require prior approval from BCI, Norges Bank Investment Management and Brookfield, with each investor contributing proportionately to fund these transactions.