Copenhagen Infrastructure Partners (CIP) has made its first investment in Spain, with the purchase of a 374-megawatt onshore wind portfolio, Monegros in Aragon.
The portfolio consists of nine individual projects, comprised of 99 wind turbines from GE Renewable Energy, which will provide operational and maintenance services through a long-term service agreement. Construction has already commenced on a 113-megawatt portion of the portfolio.
According to CIP, the portfolio was developed in cooperation with the local renewables developer Forestalia. The Balance of the Plant (BoP) will be executed by three different partners, Copsa, Elecnor and GES.
The power generated by the Monegros projects will be sold to the Spanish wholesale market and is expected to cover the electricity consumption of more than 300,000 households a year, upon completion.
CIP financed the €350 million ($386 million) acquisition through its Copenhagen Infrastructure III fund. The firm currently has four funds and around €6.8 billion ($7.5 billion) in assets under management.
The firm focuses on energy-related infrastructure assets within a wide range of technologies. Geographically, it invests in countries with limited regulatory and political risk and focus, primarily in northwestern Europe, North America and selected countries in East Asia.
“We look forward to the project coming online, to create local jobs and help reduce carbon emissions by delivering clean, renewable wind energy,” said Christian Skakkebæk, senior partner at CIP.
All projects are expected to commence commercial operation in the first half of 2020.