Danish investors Copenhagen Infrastructure Partners (CIP) has agreed to loan €70 million to fund development expenses and construction equity of a 1GW portfolio of Spanish onshore wind projects.
Spanish renewables developer Capital Energy’s projects are spread across the country and are in late-stage development.
The projects are due to be built and operational between 2023 and 2025.
The loan is the first investment of CIP’s Green Credit Fund I (CI GCF I).
Nicholas Blach-Petersen, CIP partner and co-head of CI GCF I explained: “The financing has been structured to provide capital flexibility for the sponsor and facilitate value creation through development, construction and asset ownership whilst providing GCF I with an attractive investment with a strong credit profile.”