Its new fund will make investments in contracted offshore wind, onshore wind, solar PV, transmission, storage, waste-to-energy and biomass assets in low-risk OECD (Organisation for Economic Cooperation and Development) countries in western Europe, North America and developed Asia Pacific.
The Danish investment firm has reached the first close on its CI IV fund with DKK 11 billion in confirmed investments from a range of investors, including Danish and Norwegian pension funds.
It expects commitments to increase to DKK 40-50 billion in the next nine months. CIP could ultimately invest DKK 100 billion in greenfield renewable energy infrastructure through its CI IV fund, it added.
“The market timing is favourable for greenfield renewable infrastructure investments, and the fund and CIP are well positioned to capture the attractive market opportunity with significant visibility of the investment pipeline and a high degree of execution certainty delivered by a large team of experienced industrialists," said CIP managing partner Jakob Baruël Poulsen.
CIP heads up seven investment funds with around €9.5 billion committed. Since it was started by Ørsted (then Dong Energy) executives in 2012, the pension fund investor has made 20 investments in large-scale energy infrastructure assets totaling almost 8GW capacity across the US, the UK, Germany, Spain and Taiwan.
It has stakes in nearly 2GW of onshore wind capacity and 6.7GW of offshore wind capacity in various stages of development, according to Windpower Intelligence, the research and data division of Windpower Monthly.