Danish investment firm Copenhagen Infrastructure Partners (CIP) and Spanish renewable energy development firm Forestalia have agreed to invest in a portfolio of onshore wind farms with a combined installed capacity of over 1GW.

Located in the Spanish province of Teruel in Aragon, the portfolio includes 27 wind farms that are under development.

All the wind projects in the portfolio, which are expected to secure financing in about two years, have secured grid connection rights.

Under the agreement, the Spanish firm will provide development services to the wind farm portfolio until the projects secure financing and commence construction.

The transaction represents a new investment for CIP’s energy infrastructure fund, Copenhagen Infrastructure IV (CI-IV).

The Danish investment firm stated that CI-IV has reached an intermediate closing at €4bn and is advancing towards its target size of €5.5bn.

CIP senior partner Christian Skakkebaek said: “It’s very exciting to continue building on our successful partnership with Forestalia for this new portfolio of more than 1GW of high-quality onshore wind projects in Spain.

“We have shown that Forestalia and CIP together have the right competencies to successfully deliver such projects, and we are convinced that, together with local and industrial partners, we will be delivering these wind farms to the highest standards.”

CIP was advised by Watson Farley & Williams and FIH Partners on the transaction and Forestalia was advised by Clifford Chance.

CIP and Forestalia have previously led to the investment in the development and construction of the Monegros portfolio in Aragon, Spain.

The portfolio includes 12 onshore wind farms with a total installed capacity of 487MW.

Despite the pandemic, construction of Monegros is progressing well and the project remains on time and on budget.

The first wind farm of Monegros portfolio has achieved commercial operations date (COD) while the other wind farms will gradually reach COD over the next months.