Copenhagen Infrastructure Partners (CIP) has announced the launch of its US$3bn Growth Markets Fund II (GMF II), during COP28 in Dubai.
The fund will focus on developing and building offshore and onshore wind, solar PV, energy storage and Power-to-X projects in selected high growth middle-income markets across Asia, Latin America and EMEA.
It is expected to deliver renewable energy infrastructure schemes reflecting over US$10bn of capital investment and will enable more than 10GW of new renewable energy capacity.
It is set to be the world’s largest fund focused on greenfield renewable energy investments in high growth, middle-income markets, CIP said.
CIP senior partner and founder Christina Grumstrup Sorensen said: “To reach net zero, we need to bring affordable, reliable, and clean energy to all parts of the world.
“With a continuous increase in carbon emissions, successful deployment of large-scale renewable energy is particularly important in high-growth, middle-income countries.
“This fund will be deploying significant private capital and therefore ensure renewable projects in countries, where it will contribute to growth and job creation and deliver substantial impact in terms of reducing carbon emissions.”
Partner at CIP and co-head of GMF Ole Kjems Sorensen added: “With GMF II we are applying our proven greenfield and industrial investment approach from our predecessor funds to create excess returns while significantly mitigating risks.
“The fund is off to a good start with a large and diversified portfolio of projects reflecting potential equity commitments of more than US$5bn – far exceeding the target fund size.
“We expect the fund to be a global driver in the green and just transition.”