CIP II is targeting a first quarter final close on DKK12 billion, with a DKK15 billion hard-cap. The vehicle – which will focus on biomass plants, electricity transmission grids and onshore and offshore wind power across northern and western Europe, as well as North America – launched with initial commitments of DKK 8 billion, as first reported by Infrastructure Investor’s sister publication Low Carbon Energy Investor.
It was backed at launch by eight Danish institutional investors – DIP, JØP, Lægernes Pensionskasse, PBU, Nordea, Nykredit, PFA and PensionDanmark. The latter is by far the largest investor having committed DKK3.5 billion, or 44 percent, of the launch amount. PensionDanmark was the sole limited partner in CIP’s first fund, which manages DKK10 billion on its behalf.
CIP II spent DKK1.6 billion in March bulking up its UK biomass portfolio, with the acquisition of the Brite plant, near Sheffield. Last November, it bought a 25 percent stake in a Scottish offshore wind farm project known as Beatrice from energy firm SSE for an undisclosed amount.
The EIB has been mulling investments in sustainable funds. The bank is also considering an undisclosed commitment to Omnes Capital’s €200 million Capenergie 3 renewable energy fund.
This article was first published on Low Carbon Energy Investor.