Copenhagen Infrastructure Partners (CIP) is pleased to announce that the onshore wind farms, Bearkat I and Fluvanna Wind, with an aggregate capacity of 352 MW, have successfully commenced operations.
Bearkat I is located in Glasscock County, Texas, and commenced commercial operations on December 29, 2017 only 9 months after Financial Close/Notice to Proceed and within the time plan and budgeted project construction costs. Bearkat I consists of 57 V126-3.45 MW Vestas turbines with a total capacity of 196.7 MW. Black & McDonald has been the BoP contractor on the project.
CIP has, through the fund Copenhagen Infrastructure II K/S, made a net equity investment of $84m. The remaining part of the total project costs, $186m, has been provided by tax equity investors.
Fluvanna Wind is located in Scurry County, Texas, and has commenced commercial operations and obtained tax equity financing by December 27, 2017. The project was constructed by CIP’s partner on the project, Terna Energy S.A., part of GEK TERNA group, – also within the time plan and the budgeted project construction costs. Fluvanna Wind consists of 74 Siemens/Gamesa 2.1MW wind turbines with a total capacity of 155.4 MW.
CIP, through Copenhagen Infrastructure II K/S, provides a $61m mezzanine loan. The remaining part of the total project costs, $191m, has been provided by Terna Energy, as sponsor equity investor and a tax equity investor.
Bearkat I and Fluvanna Wind are part of CIP’s North American investment portfolio which includes up to 4 GW of renewable energy project opportunities and are the two first projects in the portfolio to reach commercial operation.
“Fluvanna I and Bearkat I have been successfully constructed within a short time period, which has been possible due to a professional and dedicated effort and collaborative approach from the projects and their suppliers and partners. Fluvanna and Bearkat I are our two first investments in onshore wind in the US and we are very pleased that the projects have reached operation as planned”, says Christian Skakkebæk, Senior Partner in CIP.
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.