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CIP gets EUR 1.9bn from 3rd renewables fund closing

Money house Author(Stockvault free piks) License: All rights reserved

July 14 (Renewables Now) - The third fund of Copenhagen Infrastructure Partners P/S (CIP) has achieved a third close, raising about EUR 1.9 billion (USD 2.17bn) mainly for renewable energy and transmission projects in Northwestern Europe and North America.

The financing was gathered in four months, CIP said on Thursday, adding that the fund will be open for investor subscription until end-2017. Its target size, as determined in March, was EUR 3 billion.

The goal of the fund is to support onshore and offshore wind projects, as well as solar, biomass, waste-to-power and transmission and distribution schemes.

The Copenhagen Infrastructure III fund's third close attracted both existing investors of CIP-managed funds and new ones. Commitments came mainly from Nordic and UK-based investors. CIP noted it expects to attract the interest of a “broader international group of prominent investors” in the next closings of the fund.

CIP has three funds under management with a roughly DKK-25-billion (USD 3.8bn/EUR 3.4bn) investment commitment. Another closing for the fund is scheduled for September.

Copenhagen Infrastructure III already owns or has exclusivity rights to nine energy infrastructure projects under development, representing a potential investment of about EUR 1.5 billion.

(EUR 1.0 = USD 1.140)

(DKK 1.0 = USD 0.153/EUR 0.134)

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Veselina Petrova is one of SeeNews Renewables most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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