Copenhagen Infrastructure Partners (CIP) has, through the fund Copenhagen Infrastructure II K/S (CI II), provided a $65m mezzanine loan to finance the onshore wind farm Gopher Creek in Scurry County, Texas. Gopher Creek will have a capacity of 158 MW and consists of seventy-nine V116-2.0 MW Vestas turbines and is expected to commence commercial operations in the third quarter of 2019.
Gopher Creek will be part of a larger portfolio of US onshore wind assets which CI II has invested in together with TERNA ENERGY. The partnership was initiated in 2016 when final investment decision was taken on Fluvanna, an adjacent 155 MW onshore wind project. When Gopher Creek commences construction, the portfolio reaches a capacity of 313 MW with a total CI II mezzanine investment of $126m.
Gopher Creek qualifies for 100% of Production Tax Credits (“PTC”) and has signed a contract with a leading tax equity investor for equity funding when commencing commercial operation. The project will be constructed, and the turbines erected by Wanzek, a leading EPC contractor in the US onshore wind market. Vestas will provide operational and maintenance services for the wind turbines, and TERNA ENERGY will be responsible for the operation, maintenance and management of the wind farm.
Gopher Creek is expected to generate power corresponding to the electricity consumption of approximately 64,000 US households a year.
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.