The world’s biggest sovereign wealth fund is having difficulty finding renewable energy projects in which to invest, due to their scarcity and competition from other investors.

“In our experience so far, there are many investors looking for these investments and pricing is thus not always as attractive for us,” Nicolai Tangen, the fund’s new CEO, told a parliamentary hearing on Friday.

Norway’s $1.1 trillion sovereign wealth fund has until recently been limited to stocks, bonds and real estate, although very often the stocks were in oil and gas companies.

Tangen said the fund was not giving up on finding suitable projects.

“It is important to say that we have not at all given up on making those investments in North America and Europe. We are working hard on this to make it happen,” he told the parliamentary committee.