Copenhagen Infrastructure Partners (CIP) has reached final close on its global greenfield renewables energy fund Copenhagen Infrastructure IV, securing €7bn in investments.
CIP said the fund was oversubscribed, with the target size of €5.5bn achieved already in December 2020.
Commitments came from investors across the Nordics, Europe, North America, Asia and Australia, with a 50:50 split between existing investors in CIP funds and new investors.
The fund’s investor base comprises approximately 100 institutional investors, primarily pension funds, life insurance companies and family offices.
CIP said CI IV is off to a strong start with final investment decisions on three developments during the first six months of the fund’s investment period and with ownership to more than 15 renewable energy projects with a potential investment amount exceeding the fund size.
Approximately one-third of the fund has already been committed to investments and the fund is expected to become fully committed within two to three years.
The greenfield energy infrastructure investments in CIP’s predecessor funds have demonstrated strong performance and the CI IV investment pipeline is robust with an attractive outlook in line with predecessor funds, CIP said.
Following final close on CI IV, CIP has seven funds under management with total commitments of approximately €15bn.
CIP expects to establish its eighth fund during the second quarter of this year.
CIP managing partner Jakob Baruel Poulsen said: “We are very pleased to welcome a prominent group of existing and new institutional investors to CI IV, and look forward to continuing to create value for our investors, project partners, and communities through the fund’s investments in greenfield renewable energy projects.
“We are delighted that investors share our confidence in and appetite for greenfield renewables and have decided to invest alongside CIP in some of the largest clean energy projects across the globe within offshore wind, onshore wind, solar PV, transmission, and storage.”
For the marketing of CI IV, law firms Bruun & Hjejle and Plesner acted as legal counsel, KPMG Acor Tax as tax advisor, and Selinus Capital Advisors, Compagnie Financiere Jacques Coeur, Allen Partners, and Eaton Partners as placement agents.