On behalf of the fund Copenhagen Infrastructure II, Copenhagen Infrastructure Partners invests EUR 250 million in the 402 MW German offshore wind project Veja Mate.
The Veja Mate project is located in the German part of the North Sea approximately 95 km from the coast. With 67 Siemens turbines of each 6.0MW, Veja Mate will have a total capacity of 402 MW making it one of the larger projects currently under construction in the North Sea. Final Investment Decision has been made and the offshore wind farm is planned to be fully operational in 2017.
The project has a total construction budget of EUR 1.9 billion, and will be financed through a combination of equity, mezzanine loans and loans from banks and export credit agencies. Via its fund Copenhagen Infrastructure II, Copenhagen Infrastructure Partners (CIP) provides EUR 250 million in the form of a mezzanine loan, and equity will be provided by Siemens Project Ventures GmbH and Highland Group Holdings Ltd.
“Veja Mate is a fully developed and procured offshore wind project, with a grid connection on the BorWin2 platform, which from 2017 will deliver stable returns for many years. We are very satisfied with this investment, which benefits from the strong German regulatory framework, and we look forward to contributing with our competence and experience in cooperation with our partners”, says Christina G. Sørensen, Senior Partner in Copenhagen Infrastructure Partners.
About Siemens Financial Services
Siemens Financial Services (SFS) provides business-to-business financial solutions. SFS helps facilitate investments by providing commercial finance, project and structured finance with specific asset expertise in the growth fields of electrification, automation and digitalization. Employing more than 3,000 employees worldwide, SFS supports Siemens as well as other companies with their capital needs and acts as an expert manager of financial risks within the Siemens company. For more information, visit: www.siemens.com/finance.
About Highland Group Holdings Ltd.
Highland Group Holdings Ltd. is an investment vehicle owned by Lord Laidlaw of Rothiemay. Highland invests in both liquid and illiquid assets and is managed by Laidlaw Capital Management under the responsibility of Steffen Dietel as Investment Director.
About 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 energy-from-waste, transmission and distribution, and other energy assets like reserve capacity and storage. CIP has approximately 110 employees and offices in Copenhagen, Taipei, New York, Tokyo, Utrecht, and London.
CIP manages six funds and has more than EUR 8 bn under management. CI I, CI A I and CI A II have PensionDanmark as founding- and sole investor. CI II has 19 Danish and international institutional investors and CI III has 42 institutional investors from the Nordics, Continental Europe, the UK, Israel, Asia, Australia, and multi-lateral organizations e.g. EIB. CI NMF I has 15 investors from the Nordics and Continental Europe.
CIP was founded in 2012 by senior executives from the energy industry in cooperation with Pension Denmark.