Fundraising

CIP purchases 516MW of onshore wind in Texas

The Danish manager has acquired two wind farms through its $2bn Copenhagen Infrastructure II fund.

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Copenhagen Infrastructure Partners (CIP) has acquired two onshore wind farms in Texas generating a combined 516MW.

The Danish fund manager made the purchase through its Copenhagen Infrastructure II (CIP II) fund that closed last July on $2 billion. The assets include the 366MW Bearkat Renewable Energy Project in Glassock County and the 150MW Blue Cloud Renewable Energy Project, located in Bailey and Lamb counties respectively.

TriGlobal Energy is developing both projects and will provide maintenance after the projects reach completion, which is due for 2018. The wind farms are expected to qualify for production tax credits.

CIP II became one of the largest infrastructure vehicles ever last year when it hit its $2 billion hard-cap. Even though CIP said it would target traditional infrastructure investments, the focus of the fund has so far been on renewables.

PensionDanmark is the fund’s largest investor. Other institutions backing the vehicle include the European Investment Bank and a fund managed by The Townsend Group.

In May, CIP and a group of project sponsors reached financial close on the UK’s £2.6 billion ($3.8 billion; €3.4 billion) Beatrice Offshore wind farm. CIP has a 35 percent stake in the 558MW project, along with SSE (40 percent) and SDIC Power Holdings (25 percent).