(Reuters) Danish green investment company Copenhagen Infrastructure Partners (CIP) has raised 5.6 billion euros ($6.13 billion) for its latest fund and expects to meet its full 12 bln euro target amid undiminished global investor appetite, it said on Monday.
The investors necessary to meet the overall target for its fifth flagship fund – Copenhagen Infrastructure V (CI V) – were lined up already and would make it the world’s largest such dedicated fund, CIP said in a statement.
There is still a very strong investor demand for renewable infrastructure despite macro-economic headwinds seen in recent months, Thomas Koenig, a partner at CIP, told reporters during a call.
The key reasons were the increasing competitiveness of renewable technologies, a greater focus on energy independence following the war in Ukraine and “unprecedented pledges for net-zero”, he added.
In June, a senior partner at CIP said a lack of available acreage and slow permitting posed bigger challenges to expanding renewable energy than rising costs.
The new fund will focus on greenfield investments within large-scale renewable energy infrastructure in North America, Western Europe and Asia Pacific, with a first U.S. onshore wind project sanctioned in June, CIP said.
The target is to build around 20 gigawatts (GW) of new clean energy, enough to power more than 10 million average households and corresponding to an annual CO2 avoidance of 15 million metric tons, it said.
Investment would be split into one-third offshore wind, one third onshore wind and solar power, and the remainder across “niche” technologies such as energy storage and transmission”, CIP said in a separate presentation.
($1 = 0.9130 euros)