Mr. Simon Maine reports

BCI, NORGES BANK INVESTMENT MANAGEMENT AND BROOKFIELD PARTNER TO LAUNCH NORTHVIEW ENERGY

British Columbia Investment Management Corp., Norges Bank Investment Management and Brookfield Asset Management Ltd. have launched Northview Energy, a privately held renewable energy company that will acquire and own a diversified portfolio of contracted, operating renewable assets in the United States and Canada. All amounts are in U.S. dollars unless otherwise indicated.

Northview Energy will be equally financed and owned by the three investors. The company will acquire a seed portfolio of assets from leading renewable energy companies currently managed by Brookfield, including assets from Deriva Energy, Scout Clean Energy and Urban Grid.

Northview offers a highly derisked, stable cash flow profile, generating predictable income with strong downside protection and resilience across market cycles. The seed portfolio comprised 22 contracted, high-quality utility-scale solar and onshore wind assets in power markets experiencing strong energy demand growth across the U.S. The assets are newly operational and represent approximately 2.3 gigawatts of operating capacity diversified across six power markets. All assets are backed by long-term power purchase agreements with investment grade counterparties, with a weighted-average remaining term of approximately 16 years.

BCI, Norges Bank Investment Management and Brookfield will share customary governance rights and a dedicated management team will be appointed to lead the company.

Northview has also entered into a framework agreement for potential future acquisitions of renewable assets from Brookfield-managed portfolio companies in the U.S. and Canada representing up to $1.5-billion of equity capital.

Future acquisitions are expected to focus on derisked operating assets, including onshore wind, utility-scale solar and battery storage, generating stable and predictable cash flows under long-term contracts with investment grade counterparties. Any future acquisitions made by Northview will be subject to the prior approval of BCI, Norges Bank Investment Management and Brookfield, with each party contributing pro rata to finance acquisitions.

Lincoln Webb, executive vice-president and global head, infrastructure and renewable resources, at BCI, said: "Northview is a highly strategic addition to our infrastructure portfolio, bringing together derisked renewable energy assets, long-term contracted revenues and a clear path for growth alongside likeminded, high-calibre partners. With a diversified portfolio of new solar and wind projects serving an established base of premium clients, the platform is designed to be resilient in an evolving energy landscape."

Harald von Heyden, global head of energy and infrastructure at Norges Bank Investment Management, said: "This marks our first investment in North America and an important step in diversifying our renewable energy infrastructure portfolio. We are pleased to partner with Brookfield and BCI as we seek to capture compelling opportunities in one of the world's largest renewable energy markets."

Jehangir Vevaina, chief investment officer for Brookfield's renewable power and transition group, said: "This partnership marks the creation of a scalable platform for Brookfield and our partners. Northview Energy will be an owner of high-quality operating assets that deliver affordable and clean power to the grid and the framework for future acquisitions provides a clear growth pathway for the vehicle to add derisked, high-quality, cash-yielding assets delivering strong returns."

Subject to the receipt of required approvals and the satisfaction of customary closing conditions, Northview Energy is expected to officially launch during the second quarter of 2026 under the ownership of BCI, Norges Bank Investment Management and Brookfield.

TD Securities acted as exclusive financial adviser to Brookfield on the sale of the seed portfolio and commitment for future acquisitions.

About Brookfield Asset Management Ltd.

Brookfield Asset Management is a leading global alternative asset manager, headquartered in New York, with over $1-trillion of assets under management across infrastructure, renewable power and transition, private equity, real estate, and credit. The company invests client capital for the long term with a focus on real assets and essential service businesses that form the backbone of the global economy. Brookfield offers a range of alternative investment products to investors around the world -- including public and private pension plans, endowments and foundations, sovereign wealth funds, financial institutions, insurance companies, and private wealth investors. The company draws on Brookfield's heritage as an owner and operator to invest for value and generate strong returns for its clients, across economic cycles.

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