The European Investment Bank is considering ploughing Dkr750 million ($112.6 million; €100.8 million) into Copenhagen Infrastructure Partners’ third fund.
The vehicle is targeting commitments of about Dkr22.3 billion and received an anchor investment of Dkr8.8 billion three months ago from Danish pension funds DIP, PensionDanmark and Lægernes Pension. The Danish trio were also joined by Norwegian insurance firm KLP.
The EIB’s planned investment in the fund would represent a significant increase on the €75 million it directed to the vehicle’s Dkr14.7 billion predecessor. The EIB was a later entrant to CIP II as well, following a first close involving eight Danish investors, including the three backing CIP III.
The UK-based Haringey Pension Fund is another known LP in CIP III, having agreed to a £35 million ($44.5 million €39.9 million) investment.
The fund targets a net IRR of between 7 and 9 percent and will seek to make both equity and junior debt transactions across the offshore and onshore wind, biomass and solar sectors, as well as possible investments in transmission systems, with a focus on greenfield deals.
Last month, the fund invested alongside CIP II in buying three Taiwanese offshore wind projects with a combined capacity of 1.5GW. The three projects are still subject to a final investment decision.
Christian Skakkebæk, senior partner at CIP, told Infrastructure Investor in March the fund would be looking to close by the end of the year. The firm had not responded to a request for comment by press time.
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