Copenhagen Infrastructure Partners (CIP) and Forestalia have announced 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 of the projects in the portfolio have secured grid connection rights and are currently progressing 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. The company has recently announced that CI-IV has reached an intermediate closing of €4 billion, rapidly approaching its target fund size of €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, which comprises of 12 onshore wind farms with a total installed capacity of 487 MW and is 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. The commercial operations date (COD) has been achieved for the first wind farms in the Monegros portfolio and the remaining ones will gradually reach their COD over the next months.
The power output from the Monegros portfolio has been secured through a long-term power purchase agreement and earlier this year a consortium of six banks committed a debt package of approximately €380 million, available for drawdown upon the wind farms reaching their COD.
Read the article online at: https://www.energyglobal.com/wind/18112020/cip-and-forestalia-announce-onshore-wind-farm-agreement-in-spain/