Copenhagen Infrastructure Partners (CIP) is pleased to announce that it has commenced construction on the Misae and Sage solar photovoltaic (PV) projects on behalf of the Copenhagen Infrastructure III (CI III) fund. The projects represent the first of CIP’s approximately 1.1 GWac US solar portfolio to achieve such milestone.
“Start of construction on Misae and Sage – the first large scale solar projects in Copenhagen Infrastructure Partners’ renewable energy portfolio – represents an important milestone and demonstrates CIP’s capacity to originate, develop, structure and finance utility-scale energy infrastructure projects across multiple asset classes and technologies. The solar projects will provide long-term, stable and predictable cash flows with an attractive risk/return profile for the CI III investors and complement the existing portfolio of investments in onshore and offshore wind and other renewables technologies,” says Christian Skakkebæk, Senior Partner in CIP. “We are looking forward to working with our strong US-based suppliers, contractors, and operators, as well as the local communities and authorities, to make the solar projects successful and deliver cost competitive, green power to the local consumers.”
On August 28, 2018 CIP – on behalf of CI III – commenced construction on the Misae solar PV project (also known as Childress Solar Park), a 240 MWac project located approximately six miles east of the city of Childress, Texas. The announcement follows the company’s successful acquisition of the project earlier in 2018.
Jinko (U.S.) Inc. will be supplying mono-crystalline solar panels for the project and M.A. Mortenson Company will be responsible for construction and ongoing maintenance services. In addition, the project has entered into a power price hedge with a financial institution, which is one of the first of such hedges to be signed for a solar project. The project is expected to secure third-party tax equity funding.
Misae is planned to begin commercial operations in the fourth quarter of 2019. Once operational, the project is expected to generate enough clean energy to power nearly 60,000 houses per year.
Sage is a 58 MWac solar PV system located in Rich County, Utah. The project was acquired by CIP – on behalf of CI III – from a local developer in April 2017 as part of a larger portfolio. CIP has since completed development and pre-construction activities.
RES America Construction Inc. (RES) will be responsible for engineering, construction and procurement. First Solar, Inc. will be supplying solar modules and providing ongoing operation and maintenance services. Once operational, the project will benefit from a long-term power purchase agreement with PacifiCorp subsidiary, Rocky Mountain Power. The project also expects to secure third-party tax equity funding.
Sage is planned to begin commercial operations in August 2019. Once operational, the project is expected to generate enough clean energy to power nearly 14,000 houses per year.
You can find out more about the Sage Solar PV plant here.
For any further information relating to CIP, please contact:
Copenhagen Infrastructure Partners
Copenhagen Infrastructure Partners P/S (CIP) is a fund management company focused on energy infrastructure including offshore wind, onshore wind, solar PV, biomass and waste-to-energy, transmission and distribution, and other energy assets like reserve capacity and storage. CIP has around 75 employees. CIP and its projects have offices in Copenhagen, the US, the UK, Germany, and Taiwan.
CIP manages four funds and has around EUR 6.8bn under management. CI I and CI A have PensionDanmark as founding- and sole investor, while CI II has 19 Danish and international institutional investors. The most recent fund, CI III, had final close in March 2018 with EUR 3.5bn in capital commitments from 42 investors comprised of institutional investors from the Nordics, Continental Europe, Israel, the UK, Australia, Asia, and multi-lateral organizations e.g. EIB.
CIP was founded in 2012 by senior executives from the energy industry in cooperation with PensionDanmark. CIP is owned and managed by the five senior partners, Jakob Baruël Poulsen, Rune Bro Róin, Torsten Lodberg Smed, Christian T. Skakkebæk and Christina Grumstrup Sørensen.