Copenhagen Infrastructure Partners (CIP) has raised as much as DKK14.7bn (€2bn) for a new investment fund, which will focus on developing renewable energy projects in northern and western Europe and North America.

Called Copenhagen Infrastructure II, the fund is backed by 19 financial investors, including European Investment Bank (EIB), PensionDanmark and SEB Pensionsforsikring.

Other investors include Kommunal Landspensjonskasse, Lærernes Pension, , AP Pension, SEB Pension, Oslo Pensjonsforsikring, SEB Pension och Försäkring, a UK pension fund managed by The Townsend Group (UK), T&W Holding, LB Forsikring and VILLUM FONDEN.

Copenhagen Infrastructure Partners senior partner Christian Skakkebæk said: "The fund’s focus will be on investments in energy infrastructure with stable returns, such as biomass fired power plants, electricity transmission grids as well as onshore and offshore wind."

Launched in September 2014, -Copenhagen Infrastructure II is a 20-year ‘buy-and-hold’ fund.

EIB Denmark lending vice-president Jonathan Taylor said: "We are proud to support this innovative fund, as it will contribute to the achievement of European targets for renewable energy generation and CO2 emissions reduction, safeguarding and creating at the same time a significant number of jobs."