Danish energy infrastructure investor Copenhagen Infrastructure Partners (CIP) has closed its Growth Markets Fund II (GMF II) at around US$3 billion, nearly tripling the size of its predecessor as it targets large-scale energy infrastructure projects across emerging markets.
The fund targets 15 high-growth, middle-income markets across Eastern Europe, Asia and Latin America. CIP said GMF II has already committed US$1.6 billion across nine investments and has generated total value above paid-in capital at final close.
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The fund’s portfolio includes the largest standalone battery energy storage project in Chile, which has been commissioned below its construction budget.
Niels Holst, partner and co-head of GMF at CIP, said, “For GMF II, we have been successful in attracting a diverse group of LPs including sovereign wealth funds, pension funds, impact-focused family offices, and Development Finance Institutions (DFIs), in addition to re-ups from existing LPs, expanding our outreach across Asia, the Middle East, and North America.”
In Mexico, GMF II has started construction of 420MW solar-plus-storage La Esperanza Solar project after securing the largest capacity allocation under the country’s recent binding planning framework.
CIP expects GMF II to be fully committed within one to two years, citing a pipeline of near-term investments and portfolio optionality. The fund’s predecessor, GMF I, is now expected to deliver approximately 8.7GW of energy infrastructure across more than 50 projects in India and South Africa.
In India, CIP, in partnership with British International Investment, launched a US$300 million renewable energy investment platform, named North Star, targeting investments across solar, wind, hybrid and energy storage projects.
Founded in 2012, CIP currently manages 15 funds. The investor has raised about €43 billion (US$49.9 billion) to date with projects in more than 30 countries.
In March, CIP raised over €12 billion (US$13 billion) through its CI V fund for greenfield renewable energy projects. Targeting up to 30GW of renewable energy generation and storage assets to global energy grids, the fund focuses on large-scale renewable energy projects in what it describes as “low-risk” Organisation for Economic Co-operation and Development (OECD) countries in Europe, North America and Asia Pacific.
The company said the CI V fund have already made six final investment decisions, committing 60% of its funds. It closed the first €5.6 billion (US$6.1 billion) of the CI V fund in July 2023.
