Forestalia and Copenhagen Infrastructure Partners (CIP) are pleased to announce an agreement to invest in a portfolio of 27 onshore wind farms under development. The portfolio, located in the Spanish province of Teruel, Aragon, is expected to have a total installed capacity of more than 1GW.
All the projects in the portfolio have secured grid connection rights and are currently being progressed towards financial close, which is expected in approximately 24 months. Under the terms of the agreement, Forestalia will provide development services to the portfolio of projects until they reach financial close and begin construction.
This transaction represents a new investment for Copenhagen Infrastructure IV (CI-IV), the latest energy infrastructure fund managed by CIP. CIP has recently announced that CI-IV has reached an intermediate closing at EUR 4 billion, rapidly approaching its target fund size of EUR 5.5 billion.
This latest transaction builds on the proven partnership between Forestalia and CIP, which has already led to the successful investment in the development and construction of the Monegros portfolio comprising of 12 onshore wind farms with a total installed capacity of 487 MW also located in Aragon, Spain. The construction phase of Monegros is progressing well and, despite the challenges caused by Covid-19, it remains on time and on budget. Commercial operations date (COD) has been achieved for the first wind farms in the Monegros portfolio and the remaining ones will gradually reach COD over the next months. The power output from the Monegros portfolio has been secured through a long-term PPA and earlier this year a consortium of six banks has committed a debt package of approx. EUR 380 million available for drawdown upon the wind farms reaching COD.
“It’s very exciting to continue building on our successful partnership with Forestalia for this new portfolio of more than 1GW of high quality onshore wind projects in Spain. We have shown that Forestalia and CIP together have the right competences to successfully deliver such projects, and we are convinced that, together with local and industrial partners, we will be delivering these windfarms to the highest standards”, says Christian Skakkebæk, Senior Partner at CIP.
“This new agreement with CIP guarantees very important investments for the province of Teruel, as the plants will create jobs in a territory that needs new opportunities for the future. Renewable energy has a great importance for rural areas. Forestalia is developing its entire portfolio, of more than 6GW, together with top-level international partners. It’s very exciting to strengthen our alliance with CIP”, says Fernando Samper, Chairman of Forestalia.
Watson Farley & Williams and FIH Partners advised CIP on the transaction. Clifford Chance advised Forestalia.
For more information please contact:
Kelly Bork, Copenhagen Infrastructure Partners
Phone: +45 7070 5151
Forestalia is a business group dedicated to renewable energies (wind, photovoltaic and biomass). It started in Zaragoza in 2011, as result of the extensive business experience of Fernando Samper Rivas, the president and founder of the group. From its Aragonese roots, Forestalia has now grown to have strong presence in the Spanish energy market and is continually working internationally too. Forestalia’s current project portfolio is 6GW of renewable energies, of these, nearly 2 GW were won in the Ministry of Industry 2016 and 2017 auctions – where Forestalia was the largest bidder. For more information about Forestalia, visit www.forestalia.com
About Copenhagen Infrastructure Partners
Copenhagen Infrastructure Partners is a Danish fund management company specialized in investing in the energy infrastructure sector. The company was established in 2012 and is today a global leader, market pioneer and the largest financial sponsor with a dedicated energy infrastructure focus. CIP has approximately 130 employees and offices in Copenhagen, New York, London, Hamburg, Utrecht and Tokyo.
CIP has seven funds with around EUR 12 billion in commitment under management. The funds have made more than 20 investments in large scale energy infrastructure assets totaling almost 8 GW in capacity across the US, the UK, Germany, Spain, and Taiwan. In addition, more than 15 greenfield energy infrastructure projects are in process to reach final investment decision and start of construction within the next 2-3 years. Investors in the funds include several blue-chip institutional investors from the Nordics, Continental Europe, the UK, Israel, Taiwan, Korea, Australia, and multi-lateral organizations e.g. EIB. The investors in CIP’s funds comprise mainly pension and life companies and large family offices.