Copenhagen Infrastructure Partners (CIP) has acquired the wind portfolio, which is expected to be completed in the first half of next year
Image: CIP acquires Spanish wind portfolio (Credit: Copenhagen Infrastructure Partners K/S)
Copenhagen Infrastructure Partners (CIP) through its Copenhagen Infrastructure III (CI-III) has acquired Monegros, an onshore wind portfolio in Aragon, in Northern Spain.
The portfolio includes nine individual wind projects and the total capacity of the portfolio is 374 megawatt. At present, construction of the first projects totaling 113MW had begun.
The portfolio has been developed in partnership with local developer Forestalia and the balance of plant (BoP) will be executed by three different partners including Copsa, Elecnor, and GES.
GE Renewable Energy, the turbine supplier will provide operational and maintenance services for the turbines through a long term service agreement.
CIP is investing £312m on the 374MW wind portfolio
In total, the portfolio will feature 99 wind turbines including GE 3.8-130 and GE 3.4-130. The entire portfolio will be financed by 100% equity from CI-III which is expected to be more than €350m (£312m) and all the projects are expected to begin commercial operations in the first half of next year.
The nine wind farms were selected in the renewable energy auction conducted by the Spanish Ministry of Energy in May 2017.
The power generated from the Monegros wind portfolio will be sold to the Spanish wholesale market and is expected to generate enough energy for consumption by more than 300,000 average Spanish households annually.
Copenhagen Infrastructure Partners senior partner Christian Skakkebæk said: “We are very pleased to announce our aqusition of the Monegros portfolio, as our first investment in Spain. This achievement would not be possible without the strong support of our local partner, Forestalia, and the close cooperation with GE Renewable Energy and the BoP contractors Copsa, Elecnor and GES.
“We look forward to the project coming online, to create local jobs and help reduce carbon emissions by delivering clean, renewable wind energy.”
In July, CIP, which is a 35% stakeholder in the 588MW Beatrice offshore wind farm, announced financial close for the project. Other stakeholders in the offshore wind farm project include SSE Renewables with 40% and Red Rock Power with a 25% stake.
To be located 13km off the coast of Scotland, it will be the fourth largest offshore wind farm in the world, when completed.