Danish fund manager Copenhagen Infrastructure Partners (CIP) has closed its second infrastructure fund on its circa €2 billion hard-cap, becoming one of the largest clean energy funds ever raised.
CIP II was originally targeting €1.5 billion, which it surpassed backed by 19 limited partners. They include eight Danish institutional investors at launch – DIP, JØP, Lægernes Pensionskasse, PBU, Nordea, Nykredit, PFA and PensionDanmark – as well as Kommunal Landspensjonskasse, Lærernes Pension, the European Investment Bank, AP Pension, SEB Pension, Oslo Pensjonsforsikring, SEB Pension och Försäkring, a UK pension managed by The Townsend Group, T&W Holding A/S, LB Forsikring and VILLUM FONDEN.
The 20-year buy-and-hold fund will focus primarily on renewable energy investments in Northern and Western Europe and North America. “The fund’s focus will be on investments in energy infrastructure with stable returns, such as biomass fired power plants, electricity transmission grids as well as onshore and offshore wind,” stated CIP senior partner Christian T. Skakkebaek.
The final close comes just days after CIP II provided a €250 million mezzanine loan for German offshore wind project Veja Mate.
CIP is run by four partners, all ex-employees of Dong Energy: Jakob Baruel Poulsen, Rune Bro Roin, Torsten Lodberg Smed and Christian Skakkebaek. It already manages a first renewable energy infrastructure fund of about €1.2 billion, backed solely by PensionDanmark.
This article was first published on Low Carbon Energy Investor.