December 6 (Renewables Now) - Copenhagen Infrastructure Partners (CIP) said on Thursday it has achieved a final close of USD 1 billion (EUR 1.11bn) for its latest renewables fund that will pursue investments in fast-growing major economies in Asia and Latin America.
The Copenhagen Infrastructure New Markets Fund I (CI NMF I) has received commitments from a mix of existing and new blue-chip institutional investors. These have exceeded the fund’s target size.
First close was reached in May, with USD 700 million worth of commitments.
CI NMF I will focus on investments in greenfield renewable energy infrastructure projects in Asia and Latin America, but will also look at projects in certain countries in Eastern Europe where CIP sees “scale, growth, and liquidity”. It will target the onshore and offshore wind sectors, solar photovoltaics (PV), biomass, waste-to-energy and transmission grid schemes, among others.
“The investment pipeline includes several attractive renewable energy infrastructure project opportunities across all main target geographies and technologies, and the fund is well on track to make its first final investment decision and investments in 2020,” says Niels Holst, partner in CIP and head of the New Markets Fund.
The fund has a term of 10 years and will operate under the so-called “build-and-exit” strategy that will see it back the late-stage project development and construction and sell the assets after their commissioning. With this final close, the Danish group has received nearly EUR 8 billion in commitments for five funds, it said.
(USD 1.0 = EUR 1.110)