• USD 1.5bn equity investment framework agreement for future acquisitions
• Northview seeks high-quality operational assets, focusing on yield from day one
• Seed portfolio valued at USD 2.6bn, with 16-year weighted average PPA life

Brookfield, British Columbia Investment Management Corporation (BCI), and Norges Bank Investment Management expect to double in size their newly launched renewable company Northview Energy.

The investors aim in the next three to five years to bring the platform to around 5 GW over that period, according to Aun Mela, a director in Victoria-based BCI’s Infrastructure & Renewables Resources program. The companies announced earlier this month that the platform launched with around 2.3 GW in seed assets.

Northview’s seed portfolio comprises 22 assets, all operational by closing, Mela said. The assets reached commercial operations date (COD) on average in the last two years.

Northview will look for similar assets – operational and having recently reached COD – as it continues to build out its portfolio, Mela said.

“We are looking for the best of the best, basically, in terms of the quality of the assets,” he noted.

The seed assets came from Deriva Energy, Scout Clean Energy and Urban Grid – all Brookfield portfolio companies. Northview will look at additional assets from Brookfield companies, but will also look at acquiring assets from other sources that meet the company’s criteria.

The three investors have also entered into a framework agreement to invest up to USD 1.5bn in equity between the three for future acquisitions, the announcement noted. Additional investments outside the framework are also possible, Mela clarified, if investors are aligned.

Northview’s formation 

In 2024, BCI explored buying minority stakes in large renewables IPPs, Mela said. In the end, the firm could not reach agreement with the sellers on valuations.

“That was probably a good thing,” Mela recalled, noting the policy uncertainty at the time.

BCI eventually approached Brookfield to discuss putting together a high-quality portfolio of operating assets “that could produce good yield from day one.”

The seed portfolio has a weighted average PPA life of 16 years, and weighted average remaining life of 33 years, Mela said.

Under the structure, which Mela hopes will close in 2Q26, each of the three investors will have an equal stake in the company. The Brookfield funds that hold these assets will fully exit them, with Brookfield’s share of Northview moved into a perpetual private wealth fund, Mela said.

The enterprise value of the seed portfolio is roughly USD 2.6bn on a 100% basis, Mela said.

TD Securities acted as financial advisor to Brookfield on the deal, according to the announcement. Milbank acted as BCI’s legal advisor; Arup served as technical advisor; PA Consulting was commercial advisor; Aon advised on insurance and physical risk assessment; and Leo Berwick advised on tax and financial due diligence, Mela said.

Brookfield, Milbank, and Norges Bank declined to comment beyond the press release. Aon, Arup, Leo Berwick, and PA Consulting did not respond to requests for comment.