Copenhagen Infrastructure Partners (CIP) has completed the acquisition of a 1300MW portfolio comprising onshore wind projects in New York, USA.
CIP, representing its flagship fund, CI V, finalized the acquisition of Liberty Renewables, the proprietor of a selection of greenfield renewable energy initiatives within the state.
Tim Evans, partner and Head of North America at CIP, emphasized the significance of onshore wind in New York’s efforts to decarbonize its power grid, highlighting its pivotal role in achieving the state’s ambitious renewable energy goals. Evans expressed enthusiasm for supporting New York’s transition to clean energy through the acquisition of the Liberty portfolio.
Andy MacCallum, president of Liberty Renewables, conveyed excitement about the transaction with CIP, underscoring CIP’s proven track record in developing and financing renewable energy ventures across various US markets. MacCallum expressed optimism about leveraging CIP’s expertise to ensure the successful implementation of the portfolio in New York.
The first project under Liberty’s purview, Hoffman Falls Wind, recently submitted its 94-C application to New York’s Office of Renewable Energy Siting and is slated to commence construction in 2026. Subsequent projects within the portfolio are anticipated to commence construction between 2027 and 2030.
CIP’s fifth flagship fund, CI V, targets a size of €12bn, positioning it among the largest funds of its kind globally. The fund has already executed two investments, with an additional four investments anticipated in 2024, facilitating rapid capital deployment.