Spain

Spain

CIP closes 487MW onshore finance deal

The Danish fund manager Copenhagen Infrastructure Partners (CIP) has secured €380m in green finance to shore up 12 wind projects under construction in Spain totalling 487MW capacity.

GE's 3.8MW-130 turbine has been specified for the 487MW on capacity now in construction
GE's 3.8MW-130 turbine has been specified for the 487MW on capacity now in construction

Google Translate

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.

Have you registered with us yet?

Register now to enjoy more articles
and free email bulletins.

Sign up now
Already registered?
Sign in