Copenhagen Infrastructure Partners (CIP) is pleased to announce that it has commenced construction on the Mitchell portfolio of utility-scale solar photovoltaic (PV) projects in North Carolina on behalf of the Copenhagen Infrastructure II (CI II) fund.
The project portfolio is geographically diversified across the state and will be implemented in multiple phases over the coming years starting with five projects. Mitchell represents CIP’s first investment into Southeastern United States and the projects will have a positive economic impact on the communities in which they are constructed through job creation and increased property tax base.
“We have been developing the portfolio in a close partnership with GreenGo who has been leading the daily development work for the project portfolio,” says Christian Skakkebæk, Senior Partner at CIP. “We are excited to continue working with GreenGo and our strong US-based suppliers, contractors, and operators, as well as the local North Carolina communities and authorities to ensure successful construction and operation of the solar PV projects.”
The Mitchell portfolio will complement the diversified holdings of CI II investors through augmentation of their long-term, stable and predictable cash flows at an attractive risk/return profile.
The first phase of Mitchell
The first phase of Mitchell consists of five utility-scale solar PV projects totaling ~23 MWAC:
- Burgaw Solar: ~5 MWAC on the coast of North Carolina
- Ennis Solar: ~5 MWAC south of Raleigh, North Carolina
- Little Mountain Solar: ~3 MWAC north of Charlotte, North Carolina
- Pecan Grove Solar: ~5 MWAC on the coast of North Carolina
- Traveller Solar: ~5 MWAC south of Raleigh, North Carolina
Reach Construction Group (REACH) will be the general contractor responsible for civil and mechanical services whereas Directional Services, Inc. (DSI) will be the electrical contractor providing all electrical installation and commissioning services, with GreenGo acting as the overall construction manager. First Solar, Inc. will be supplying solar modules and providing ongoing operation and maintenance services. Once operational, the projects will benefit from long-term power purchase agreements with Duke Energy. The project also expects to secure third-party tax equity funding.
The five Mitchell projects are expected to begin commercial operations in Q3 2019. Once operational, the first phase projects are anticipated to generate enough clean energy to power nearly 5,000 homes per year in North Carolina. The projects in the next phases of the Mitchell portfolio are expected to start construction later in 2019 to 2020.
The Mitchell solar PV project portfolio is part of CIP’s approximately 1.1 GWAC US solar PV portfolio.
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.