Copenhagen Infrastructure Partners raised 14.7 billion kroner ($2.2 billion) for its second fund to invest in clean-energy projects in Europe and North America.
The Copenhagen Infrastructure II K/S fund was backed by PensionDanmark A/S, the European Investment Bank, SEB Pensionsforsikring A/S and other institutional investors, the firm said Thursday in an e-mailed statement.
CIP targets projects that hold long-term contracts with industrial partners to deliver steady returns. Its new renewables-infrastructure fund is the largest in Europe in the past five years, said Angus McCrone, senior analyst for Bloomberg New Energy Finance.
“Institutions are becoming more and more comfortable with vehicles that enable them to access the stable cash flows generated by renewable-energy projects,” McCrone said. “Danish institutions, as seen by the investor list for CIP II, are still leading the way in this respect in Europe.”
PFA Pension A/S and AP Pension Livsforsikrings A/S also backed the fund, which will focus on wind and biomass energy and power transmission. The fund has already invested in two offshore wind farms and a U.K. biomass plant.