Kommunal Landspensjonskasse, Oslo, partnered with Macquarie Asset Management to launch a green infrastructure debt platform, committing about 2 billion Norwegian kroner ($243 million) in the new venture.
Macquarie will run the assets on the platform, Anne Kristine Skappel, analyst for strategic asset allocation, said in an email.
Macquarie will target investments in debt assets in solar power, wind power, hydropower and sustainable energy storage sectors. The platform has a "standard fund format," Ms. Skappel said, with the strategy, constraints and reporting customized to KLP's needs. The goal is for the strategy to reach €750 million ($911 million) in commitments. It will also be available to other investors.
"We wanted a fund that delivered investments in green energy debt in a pure and precise way, following the highest standards. In MAM we met an asset manager with the same high ambitions, and the collaboration has been based on an alignment of interest," she added.
The 2 billion kroner commitment was funded by growth in KLP's balance sheet. "That said, this investment has been made as part of KLP's explicit intention to keep increasing its overall allocation to climate-friendly investments," Ms. Skappel said.
Executives are investing every year in climate-friendly investments, with 8.8 billion kroner invested in 2020.
KLP executives wanted to increase green infrastructure investments but could not find a solution that was sufficiently greenm even after a thorough search, "so we had to develop it ourselves," Aage Schaanning, chief financial officer and executive vice president, said in a Macquarie news release.