Energy infrastructure investment manager Copenhagen Infrastructure Partners (CIP) announced that it has raised €5.6 billion (USD$6.2 billion) for its fifth flagship greenfield renewable energy-focused fund, CI Energy Transition Fund V, putting the fund on track to become the largest in the world of its kind, with a target fund size of €12 billion.
CI V’s primary focus is on greenfield investments within large-scale renewable energy infrastructure in low-risk OECD countries situated in North America, Western Europe, and the Asia Pacific region, diversified across various technologies, including contracted offshore wind, energy storage, onshore wind, and solar.
To date, the fund has ownership in more than 40 renewable energy infrastructure projects, and the firm said that its project pipeline is larger than any of its funds to date, with the fund targeting adding an estimated 20 GW of new clean energy capacity to the grid, for an estimated CO2 emissions reduction of 15 million metric tons annually.
Jakob Baruël Poulsen, Managing Partner at CIP, said:
“Reaching nearly EUR 6 billion at first close is a testament to the importance of the fund, and the confidence placed in our industrial approach to energy infrastructure investments. With its greenfield focus and large and diversified portfolio, CI V has the potential to significantly contribute to, and accelerate the energy transition on a global scale, while generating strong returns for our investors.”