Copenhagen Infrastructure Partners (CIP) has launched a platform dedicated to renewable energy in Canada.
Based in Calgary, Alberta, Horizon New Energy will assume the responsibility of the development of CIP’s Flagship Funds existing 1.2GW of development assets in the province.
Horizon will primarily focus on the origination, development and implementation of solar PV, onshore wind, and battery storage projects.
The subsidiary builds on CIP’s activities in Canada to date, which includes successfully building the largest solar project in Canada, Travers Solar (692MWdc) and construction of the country’s largest wind project, Buffalo Plains (495MWac).
“As part of CIP’s dedicated strategy of investing in growth platforms, we are excited about the prospects and the opportunity to create an established developer of renewable energy projects in Canada,” said Tim Evans, partner and Head of North America at CIP.
He added: “Horizon is an important step in our efforts to develop renewable energy projects in Canada that will provide local jobs and clean, renewable energy for many years to come.”
Horizon will be an independent power producer that owns both operational projects and a growing pipeline of projects under construction and in development.
Horizon’s development efforts will be led by managing director Shannon Wever, who joins from Enmax Energy where she previously led its renewable energy development efforts.
“I am thrilled to join CIP and lead Horizon New Energy in Canada.
“Canada is in the midst of a significant build-out of renewable energy to meet Canada’s ambitions of decarbonising the electricity grid by 2035, so I’m excited by the opportunity to leverage CIP’s industrial experience and financial capacity in Horizon’s development efforts,” said Wever.
CIP’s Flagship Funds will provide capital for project development and for the growth of Horizon New Energy.
Subject to investment decisions at the time, CIP intends to provide the capital required for the construction of the projects developed by the company.