Copenhagen Infrastructure Partners (CIP) has through its fund Copenhagen Infrastructure III K/S (CI-III) acquired the 374 MW onshore wind portfolio Monegros in Aragon, Spain and has commenced construction of the first projects totalling 113 MW.

The Monegros portfolio consists of nine individual projects with a total capacity of 374 MW comprising 99 wind turbines from GE Renewable Energy (GE 3.8-130 and GE 3.4-130). The entire portfolio will be financed with 100% of equity from CI-III with an expected total equity investment of more than EUR 350m and all projects are expected to commence commercial operation in H1 2020.

The portfolio has been developed in cooperation with the local renewables developer Forestalia and the Balance of the Plant (BoP) will be executed by three different partners, Copsa, Elecnor and GES. GE Renewable Energy will provide operational and maintenance services for the turbines via a long term service agreement.

“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,” says Christian Skakkebæk, Senior Partner at CIP.

The power generated by the Monegros projects will be sold to the Spanish wholesale market and is expected to cover the electricity consumption of more than 300,000 average Spanish households a year.

KeyFacts Energy: Renewable Energy news