CIP reaches EUR800 million first close on its fund in Denmark

Copenhagen Infrastructure Partners (CIP) has reached the first close of EUR800 million (USD950.2 million) on its new fund, CI Energy Transition Fund I (CI ETF I) in Denmark.  

CI ETF I fund will invest in renewable energy infrastructure, including industrial-scale Power-to-X (PtX) projects, advanced biofuels, carbon capture and utilization/storage (CCU/S) and other technologies. The fund invites investors to participate in the decarbonization of such industries as shipping, steel production and agriculture by using green fuels, feedstock and CO2-free fertilizers. The primary focus is on greenfield projects in Western Europe, North America, Australia and developed Asian countries.  

CI Energy Transition Fund I has a target size of EUR2.25 billion (USD2.67 billion). The first close of EUR800 million (USD950.2 million) was reached with capital commitments from a group of investors from Denmark, Sweden and Germany, some of which are two Danish pension funds, PensionDanmark and PFA, Vestas and CIP. The fund has already secured a portfolio of industrial-scale PtX projects in the development stage located in Denmark, Sweden, Norway, Spain and Australia. The projects will produce green hydrogen, green ammonia and green methanol. One of these developments is the 5G Murchison renewable hydrogen project in Australia. The fund is expected to reach a final close in the next nine months.  

Law firms Plesner and Clifford Chance act as legal counsel, and KPMG Acor Tax as tax counsel.