Norway’s Government Pension Fund Global, managed by Norges Bank Investment Management (NBIM), has acquired a stake in Malaysian renewable energy company Northern Solar Holdings Berhad, according to filings with Bursa Malaysia. The investment highlights growing foreign institutional interest in Malaysia’s renewable energy sector.
Bursa Malaysia filings show that NBIM holds 10 million shares in Northern Solar, representing a 2.53 percent stake in the company. Separately, Norway’s Government Pension Fund Global, also known as Statens pensjonsfond utland, is listed with 9.97 million shares, equivalent to a 2.52 percent stake.
NBIM is the investment management arm of Norway’s central bank, Norges Bank, and is responsible for managing the country’s sovereign wealth assets in international markets. The fund manages more than $1.5 trillion in assets globally and is one of the largest institutional investors in the world.
The disclosure of the investment was followed by strong movement in Northern Solar’s shares. The company’s stock crossed the RM1.00 level for the first time and continued a three-day rally. The market response came as investors reacted to the presence of a major global institutional investor in the company’s shareholder base.
Northern Solar operates across several segments of the renewable energy value chain. Its activities include engineering, procurement, construction and commissioning (EPCC) of solar photovoltaic systems, renewable energy generation, and operation and maintenance services.
The company recently reported its highest quarterly revenue since its listing. Revenue for the first quarter ended June 30, 2026, reached RM38.2 million, representing a 36.1 percent year-on-year increase. The growth was mainly supported by faster project execution and higher progress billings from its core solar EPCC business.
Northern Solar has also received approval from the Securities Commission Malaysia to transfer its listing from the ACE Market to the Main Market of Bursa Malaysia. The move comes as the company seeks to expand its position in the renewable energy market and pursue larger projects.
The company is also considering participation in Malaysia’s Large Scale Solar 6 (LSS6) programme. The programme is planned to add 2,500 MW of solar generation capacity, supported by battery energy storage solutions.
The investment by Norway’s sovereign wealth fund comes as Malaysia continues to expand its renewable energy capacity. For Northern Solar, the institutional investment, rising revenue and planned Main Market transfer coincide with its efforts to expand into larger utility-scale and industrial solar projects.
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