On behalf of its fund Copenhagen Infrastructure II K/S (CI-II), Copenhagen Infrastructure Partners (CIP) is pleased to announce that it has entered into a partnership with Avangrid Renewables concerning the US offshore wind development project Vineyard Wind.
Avangrid is a major US energy company and is 81.5% owned by Iberdrola S.A. who is one of the world’s leading energy companies and operators of renewable energy assets.
After closing of the transaction, the project will be held 25% by CI-II, 25% by Copenhagen Infrastructure III K/S and 50% by Avangrid Renewables. CIP acquired the project in 2016.
The partnership will further strengthen the project through the combined extensive offshore wind expertise of the partners and CIP is pleased that the project will benefit from Avangrid’s material US presence.
Vineyard Wind is a company holding a 166,886 acre (675 square km) offshore wind energy lease issued by the US Bureau of Ocean Energy Management and located south of Massachusetts. Vineyard Wind is eligible to participate in the utility tender program established by recently enacted legislation in Massachusetts, which calls for a total of 1600 MW of new offshore wind capacity until 2027.
AVANGRID, Inc. (NYSE: AGR) is a diversified energy and utility company with more than $31 billion in assets and operations in 27 states. The company owns regulated utilities and electricity generation assets through two primary lines of business, Avangrid Networks and Avangrid Renewables. Avangrid Networks is comprised of eight electric and natural gas utilities, serving approximately 3.2 million customers in New York and New England. Avangrid Renewables operates 6.5 gigawatts of electricity capacity, primarily through wind power, in 22 states across the United States. AVANGRID employs approximately 6,800 people. For more information, visit www.avangrid.com.
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.