Kommunal Landspensjonskasse, Oslo, invested $150 million in solar power fund NextPower V ESG, managed by renewable energy firm NextEnergy Capital, a spokesman confirmed.
KLP has 948.1 billion Norwegian kroner ($87.5 billion) in assets.
The investment is in line with KLP's goal to increase climate-friendly investments by at least 6 billion kroner every year, the spokesman said.
NextPower V ESG strategy is targeting $1.5 billion and has a $2 billion hard cap, NextEnergy Capital said in a news release Tuesday.
The fund invests across Europe, North America and Chile in solar photovoltaic and energy storage infrastructure assets while contributing to the decarbonization of the power generation sector, reducing electricity prices and increasing energy security.