CIP’s Green Credit Fund I Provides EUR 70m to Capital Energy to Finance Onshore Wind Portfolio in Spain
Copenhagen Infrastructure Partners’ (“CIP”) Green Credit Fund I (“CI GCF I”) has signed a financing agreement with Capital Energy, a large Spanish renewables developer. CI GCF I will provide a EUR 70m hold co loan facility to fund development expenses and construction equity of a 1.0 GW portfolio of onshore wind assets in Spain in late-stage development. The projects are distributed throughout Spain and are expected to be built and operational between 2023 and 2025.
The financing will enable Capital Energy to accelerate the development and construction of the onshore wind assets and further support the company in its strategic plan to become an Independent Power Producer. The transaction marks the first investment by CIP’s newly established Green Credit Fund I.
“CIP are delighted to be partnering with Capital Energy and contribute to the development and construction of a portfolio which will eventually provide clean energy to up to 350,000 households in Spain. This transaction represents CI GCF I’s first investment and is the first of a very strong pipeline of transactions to close. 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”, says Nicholas Blach-Petersen, CIP Partner and Co-Head of CI GCF I.
About Capital Energy
In line with its commitment to Green and Fair Energy Transition, Capital Energy currently has a portfolio of wind and solar energy projects on the Iberian Peninsula amounting to approximately 30 gigawatts (GW) of power, for which over 8 GW already count on grid access licences.
Capital Energy reached its strategic goal of being present throughout the entire renewable energy generation value chain: from promotion, where the company has a consolidated position thanks to its nearly 20-year history, through to construction, production, storage, operation and supply. The company has 16 offices in Spain and Portugal, where approximately 360 employees work.
About Copenhagen Infrastructure Partners
Copenhagen Infrastructure Partners P/S is the world’s largest dedicated fund manager within greenfield renewable energy investments and a leader in offshore wind globally. At COP26, CIP
announced the ambition and a roadmap for increasing and accelerating its role in delivering on the energy transition by deploying EUR 100bn into green energy investments by 2030.
CIP manages ten funds and has approximately EUR 18 billion of assets under management focused on investments in energy infrastructure, including offshore wind, onshore wind, solar PV, biomass and energy-from-waste, transmission and distribution, reserve capacity and storage, and other energy assets like Power-to-X. Today CIP’s funds have approximately 120 international institutional investors from the Nordics, Continental Europe, the UK, Israel, Asia, Australia, New Zealand, North America and multi-lateral organisations, e.g. EIB. CIP has approximately 300 employees and offices in Copenhagen, London, Hamburg, Utrecht, New York, Tokyo, Singapore, Seoul and Melbourne