Copenhagen Infrastructure Partners has raised over €1bn at first close for the second vintage of its flagship CI Green Credit Fund.
The CI Green Credit Fund II is targeting a total fundraise of €2bn and includes commitments to a closed-ended fund, a related evergreen vehicle and discretionary co-investments, the company said.
CIP added that the fund has received commitments from institutional investors including sovereign wealth funds, insurance companies and pension funds, alongside a significant commitment from CIP itself.
The predecessor fund, CI Green Credit Fund I, made 12 global investments across technologies and debt structures and reached 100% of committed capital.
CIP said the new fund has already completed its first investment by providing refinancing to a Dutch portfolio of solar and battery storage assets representing 450MW of capacity.
The strategy focuses on providing credit solutions to renewable energy projects, energy transition companies and related opportunities in OECD markets including Europe, North America and selected Asia-Pacific jurisdictions.
“We are very pleased to have reached a strong first close for our flagship credit fund, with impressive support from existing and new investors across North America, Europe, and the APAC region,” said Jakob Groot, partner and co-head of the CIP credit platform.
“We believe the market for this type of capital offers investors an attractive risk adjusted return, while at the same time providing the market with a capital solution that will help drive the build-out of much needed energy solutions.”