Copenhagen Infrastructure Partners’ (CIP) Green Credit Fund I (CI GCF I) has signed a financing agreement with Spanish renewables developer Capital Energy.
The vehicle will provide a €70 million ($74 million) holding-company loan facility to fund a 1-gigawatt portfolio of Spanish onshore wind assets in late-stage development. The projects are distributed throughout Spain and are expected to be built and operational between 2023 and 2025.
The transaction marks the first investment by the Green Credit Fund I, CIP’s first debt fund that launched in February with €320 million ($338 million) in seed capital. With a €1 billion ($1.1 billion) target, CI GCF I will focus on greenfield and brownfield projects in offshore wind, onshore wind, solar PV, biomass, storage and transmission assets in Europe, North America and selective jurisdictions in Asia Pacific.
“This transaction represents CI GCF I’s first investment and is the first of a very strong pipeline