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CIP divests 49% stake in Spanish wind farm

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Copenhagen Infrastructure Partners (CIP) has entered into an agreement to divest a 49 percent interest in the Monegros onshore wind portfolio to a fund controlled by Arjun Infrastructure Partners through its fund Copenhagen Infrastructure III K/S (CI-III).

Monegros’ portfolio comprises 12 onshore wind farms in Aragon, Spain, with a gross installed capacity of 487 MW. Monegros is a portfolio company of Copenhagen Infrastructure III K/S (CI-III), a €3.5 billion energy infrastructure fund run by CIP.

“We welcome Arjun as partner in the Monegros portfolio and are pleased to enter in this transaction that recognises the value generated so far by CIP and its partners during the development and construction phase of this high-quality portfolio. With the projects now entering commercial operation, we are confident that further value will be delivered as the wind farms commence generating material volumes of subsidy-free renewable power that contributes towards the decarbonisation targets in Spain.”

Christian Skakkebæk, Senior Partner at CIP.

“We are delighted to partner with CIP and to invest on behalf of our clients in the Monegros portfolio. It has all the environmental credentials that we and our clients value and expect and offers an attractive sustainable, long-term risk / return profile. Monegros adds a quality onshore wind portfolio to Arjun’s existing renewables portfolio in Europe of circa 2,000 MW total gross capacity.”

Romain Py, Managing Director at Arjun Infrastructure.

Since CI-III acquired the development rights to the Monegros ventures, significant value has been created, first in the development phase and then in the construction phase, which is now approaching completion on schedule and on budget amid the challenges posed by Covid-19.

The power generation from the Monegros portfolio has been negotiated under a long-term PPA, and a group of six banks pledged a loan package of approximately €380 million in July 2020, which will be ready for drawdown until the wind farms enter commercial operations (COD). Following the transaction’s closure, CI-III will continue to be the Monegros portfolio’s controlling shareholder and director.

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