Announced on 8 July, ABN AMRO, Bankia, Bankinter, BBVA, Sabadell and Unicredit finalised the deal with CIP and its Monegros wind project portfolio based in Aragon, Spain.
The funds will be used to refinance CIP’s construction costs of the 12 wind projects, which are expected to go online next year under a 10-year power purchase agreement (PPA).
GE Renewable Energy is supplying 129 GE 3.8-130 wind turbines across the portfolio, and is contracted to carry out operational and maintenance services.
CIP heads up seven investment funds with around €9.5 billion committed to date. 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.
CIP bought the Monegros portfolio from developer Forestalia Renovables last year.
Christian Skakkebæk, senior partner at CIP, said the deal marked one of the largest market parity renewable energy investments made in Europe to date.
“We would like to thank the lenders and the advisors involved for successfully completing this transaction, despite a challenging market environment,” he said.