CIP and Bank of America enter tax equity financing for the Greasewood utility scale solar project

An affiliate of Copenhagen Infrastructure Partners P/S, a fund management company with seven energy infrastructure funds and more than EUR 10 billion in commitments under management, has entered into a tax equity financing arrangement with Bank of America for a utility scale solar project in Texas.

The Greasewood project is a 347MWdc/255MWac solar facility located in Pecos County, TX. The project stands out within the ERCOT market for having three long-term power purchase agreements with investment grade municipalities and a hedge agreement with a major U.S. financial institution, the result of which is a highly contracted revenue profile. The project began construction in October 2019 and is expected to reach commercial operations in December 2020.

“CIP is pleased to have secured this tax equity transaction, particularly in today’s market where we are dealing with such headwinds as the COVID-19 pandemic, the sharp drop in oil and gas prices and unfavorable macroeconomic forecasts. The achievement is a testament to our long-term conviction in the renewable energy markets in the United States” says Christian Skakkebaek, CIP Senior Partner.

“We look forward to bringing the Greasewood project online, furthering our commitments to providing clean energy to the Texas ERCOT market,” adds Skakkebaek.

CohnReznick Capital acted as financial advisor to CIP on the transaction.

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.