Copenhagen Infrastructure Partners’ Green Credit Fund 1 has signed a financing agreement with Capital Energy to help fund 1GW of onshore wind farms in Spain.
The deal is for a €70m holdco loan facility to fund development expenses and construction equity for the late-stage development portfolio.
The projects are distributed throughout Spain and are expected to be built and be operational between 2023 and 2025.
The financing will enable Capital Energy to accelerate the development and construction of the onshore wind assets and further support the company in its strategic plan to become an independent power producer.
The transaction marks the first investment by CIP’s newly established Green Credit Fund 1.
CIP partner and co-head of CI GCF 1 Nicholas Blach-Petersen said: “CIP are delighted to be partnering with Capital Energy and contribute to the development and construction of a portfolio which will eventually provide clean energy to up to 350,000 households in Spain.
“This transaction represents CI GCF I’s first investment and is the first of a very strong pipeline of transactions to close.
“The financing has been structured to provide capital flexibility for the sponsor and facilitate value creation through development, construction and asset ownership whilst providing GCF 1 with an attractive investment with a strong credit profile.”