Copenhagen Infrastructure Partners (CIP), a fund manager specializing in greenfield renewable energy investments, has reached the first close of its latest fund, raising nearly €6 billion (~$6.6 billion).

CIP said that with strong interest from additional investors currently in the process, the fund, CI V, is on track to achieve its target fund size of €12 billion (~$13.2 billion), which is expected to position it as the largest fund globally dedicated to greenfield renewable energy infrastructure investments.

A diverse group of leading institutional investors from across Europe, the Nordics, the UK, North America, and the Asia-Pacific region participated in the first close.

The fund will focus on greenfield investments in large-scale renewable energy infrastructure, targeting technologies such as contracted offshore wind, energy storage, onshore wind, and solar in low-risk OECD countries across North America, Western Europe, and the Asia-Pacific region.

Managing Partner at CIP, Jakob Baruël Poulsen, said, “Reaching nearly €6 billion (~$6.6 billion) at the first close is a testament to the importance of the fund and the confidence placed in our industrial approach to energy infrastructure investments.”

“With its greenfield focus and large and diversified portfolio, CI V has the potential to significantly contribute to and accelerate the energy transition on a global scale while generating strong returns for our investors,” he said.

The fund possesses ownership of over 40 renewable energy infrastructure projects. These projects have a total potential commitment of approximately €20 billion (~$22 billion), equivalent to more than 150% of the fund’s target size.

In June, CI V made its first final investment decision on a 400 MW onshore wind project in the United States.

CI V’s current portfolio aims to add an estimated 20 GW of new clean energy capacity to the grid, providing renewable energy to more than 10 million average households. This translates into an annual CO2 avoidance of 15 million metric tons, contributing significantly to global efforts in combating climate change.

Recently, Serbia-headquartered renewable energy developer CWP Global and CIP successfully concluded a strategic investment deal under which CIP  acquired a 26.67% stake in CWP’s development platform within the green hydrogen sector.

In March 2023, CIP, on behalf of its New Markets Fund I, partnered with Viviid Renewables to develop more than 1.8 GW of greenfield renewable energy projects in India.