Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Economy & Forex

News : Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Norway wealth fund says it's hard to find right green energy projects

10/30/2020 | 03:58am EST

* CEO cites paucity of projects, stiff competition

* Focus on solar, wind farms in N. America, Europe

* "We have not given up," CEO Tangen says

OSLO, Oct 30 (Reuters) - Norway's $1.1 trillion sovereign wealth fund, the world's largest, is having trouble finding suitable unlisted renewable- energy projects to invest in due to the paucity of projects and strong competition for stakes in them, its new CEO said.

Such investments are new for the fund which, until this year, was only allowed to invest in stocks, bonds and real estate.

"In our experience so far, there are many investors looking for these investments and pricing is thus not always as attractive for us," the fund's new CEO, Nicolai Tangen, told a parliamentary hearing on Friday.

"These investments are subject to the same risk and return requirements as the (fund's) other investments. In the near term, finding projects that meet these requirements may be demanding."

In March, the fund said it was looking to invest some 100 billion crowns ($10.83 billion) between 2020 and 2022 in unlisted renewable projects such as wind parks and solar farms, looking first at North America and Europe.

That remains the strategy, Tangen said on Friday, though there were relatively few projects available.

"They are few and they are big. It is difficult to know when they are coming...There is a lot of competition for these projects," he told the hearing.

Tangen said later the fund "had not given up" and was working intensely on making those investments happen.

Asked by a lawmaker whether the fund could look to emerging markets to make those investments instead, Tangen said that "could create even bigger regulatory challenges.

"It is important to say that we have not at all given up on making those investments in North America and Europe. We are working hard on this to make it happen."

A five-member team at the fund is looking at these investments, headed by Chief Real Assets Officer Mie Holstad.

The fund was allowed to invest in the assets after extensive discussions among Norwegian politicians about the suitability of the fund to invest in unlisted assets. (Editing by Larry King and Mark Heinrich)


© Reuters 2020
Latest news "Economy & Forex"
03:55pMnuchin will put clawed-back Fed funds out of Yellen's reach -Bloomberg
RE
03:55pNZ central bank intends to resume LVR restrictions from March
RE
03:54pDefense grills Canada police witness on FBI surveillance of Huawei CFO
RE
03:47pRBNZ : New Zealand's Economy Relatively Resilient to Pandemic Shock
DJ
03:44pCDC may soon shorten COVID-19 quarantine period
RE
03:43pAXCIENT : MSP Expands Backup Offers while Saving with Axcient Direct-to-Cloud
PU
03:41pBENGAL ENERGY : Announces Fiscal 2021 Second Quarter Results
PU
03:38pFederal communications commission denies zte petition for reconsideration of u.s. designation of company as national security threat
RE
03:35pCATTLE ON FEED REPORT : Higher Inventory, Lower Placements
PU
03:30pOil closes at highest level since March on vaccine trials, Biden transition
RE
Latest news "Economy & Forex"