CIP Closes $3 Billion Clean Energy Fund for Growth Markets

Copenhagen Infrastructure Partners (CIP) has raised $3 billion at the final close of its Growth Markets Fund II, nearly three times the size of its predecessor.

The fund, known as GMF II, will invest in renewable energy infrastructure projects in high-growth, middle-income markets across Eastern Europe, Asia and Latin America. It targets large-scale greenfield projects in 15 selected markets, including India, Vietnam, the Philippines, Mexico and South Africa. These markets are seen as offering strong fundamentals for renewable energy investment due to economic growth, demographic trends and expanding electricity demand.

CIP launched the fund in 2023. At final close, it had already committed $1.6 billion across nine investments. These include the largest standalone battery storage project in Chile, Mexico’s first large-scale solar and battery storage projects, and Pestera II, one of the largest renewable energy investments in Romania.

The previous fund, GMF I, closed in 2019 at $1 billion and is expected to deliver approximately 8.7 GW of energy capacity across more than 50 projects in India and South Africa.

Niels Holst, Partner and Co-Head of Growth Markets Funds at CIP, said: “Reaching a USD 3 billion final close and tripling the fund size compared to our predecessor fund is a strong validation of our Growth Markets strategy and of investors’ confidence in our ability to originate, develop, and build large-scale renewable energy projects.”

Ole Kjems Sørensen, Partner and Co-Head of Growth Markets Funds, added: “With GMF II, we are building on our track record and expanding our ability to connect capital with high-quality renewable energy projects in select Growth Markets that have a fundamental need for new and reliable energy infrastructure.”