Copenhagen Infrastructure Partners (CIP) is divesting a 49% minority stake in a 487MW Spanish wind farm portfolio.
CIP, through its fund Copenhagen Infrastructure 3 K/S (CI-3), has entered into an agreement to divest a 49% stake in the Monegros wind portfolio to a fund managed by Arjun Infrastructure Partners.
The Monegros portfolio consists of 12 onshore wind farms located in Aragon.
CIP senior partner Christian Skakkebaek said: “We welcome Arjun as partner in the Monegros portfolio and are pleased to enter in this transaction that recognises the value generated so far by CIP and its partners during the development and construction phase of this high-quality portfolio.
“With the projects now entering commercial operation, we are confident that further value will be delivered as the wind farms commence generating material volumes of subsidy-free renewable power that contributes towards the decarbonisation targets in Spain.”
Arjun said the Monegros stake adds a “quality onshore wind portfolio” to its existing renewables portfolio in Europe of 2000MW.
The power output from the Monegros portfolio has been contracted under a long-term power purchase agreement and in July 2020 a consortium of six banks has committed a debt package of €380m available for drawdown once the wind farms reach commercial operations date.
Following closing of the transaction, CI3 will remain controlling shareholder and operator of the Monegros portfolio.
The CI3 fund is valued at €3.5bn.