Copenhagen Infrastructure Partners (CIP) has announced that its fifth flagship fund (CI V) has surpassed its target size of €12bn at final close.
CIP says investor interest in large-scale greenfield energy infrastructure investments is strong, as it finalises fundraising for CI V with total fund commitments exceeding the €12bn target, excluding capital raised for co-investments.
The fund aims to invest in the energy transition across a range of technologies, from wind and solar PV to battery storage, across low-risk OECD countries in Europe, North America and Asia Pacific.
CI V is estimated to add 30GW of new energy capacity to the global grid, enough to power more than 10 million average households.
“Reaching 12 billion euros is a fantastic result and a testament to our proven industrial approach to energy infrastructure investments,” said CIP managing partner Jakob Baruël Poulsen.
“I am proud that several of the world’s largest and most sophisticated investors are committed to CIP, and I am delighted to once again have the support of our existing investors and welcome many new investors to our platform.”
CI V has exceeded all expectations so far and has already made six final investment decisions (FIDs) committing 60% of the fund, CIP said.
With ownership of more than 50 development stage projects with a potential CI V investment volume of of €24bn, the fund is on track to be committed within the next year.
Baruël Poulsen added: “Massive structural tailwinds are pushing the energy transition forward. Surging electricity demand, fuelled by economic growth, widespread electrification and digitalisation, requires an unprecedented amount of new energy infrastructure capacity to be built.
“At the same time, the fundamentals for renewables are as strong as ever as industrial competitiveness, productivity, and energy resilience are at the centre of political and industrial agendas globally.
“By combining our industrial and financial expertise, CIP is uniquely positioned to deliver some of the largest, most critical and complex energy projects globally – supporting countries in securing cost-competitive, reliable and clean power, while creating value for our investors at the same time.”