Jan 30, 2025
Norway's wealth fund sticks to investments in renewables despite market setbacks
Norway's $1.8 trillion wealth fund, the world's largest, remains committed to investments in renewable assets despite recent market setbacks and will seek opportunities in both the listed and private markets, a senior fund official said on Thursday. Renewable energy assets have significantly underperformed in the market in 2024, with some previous investor favourites such as Danish offshore wind developer Orsted taking big hits to their valuations. The fund's own investments in unlisted renewable energy infrastructure, which includes stakes in offshore wind farms with Orsted and in Spanish utility Iberdrola's renewables portfolio, posted on Wednesday a negative return of -10% for 2024.