Copenhagen Infrastructure Partners (CIP) has announced the acquisition of a 1300MW portfolio of onshore wind projects in New York, US. The acquisition was made on behalf of CIP's flagship fund, CI V, and involves the purchase of Liberty Renewables, which owns a portfolio of greenfield renewable energy projects in the state.
Tim Evans, partner and Head of North America at CIP, highlighted the significance of onshore wind in decarbonizing New York's power grid, stating, “Onshore wind will play an important role in decarbonizing New York's power grid and will be critical to achieving its nation-leading renewable targets.” He added, “We are excited to support New York's clean energy transition through the acquisition of the Liberty portfolio.”
Andy MacCallum, President of Liberty Renewables, expressed his delight regarding the transaction with CIP, stating, “CIP has a strong track record of developing and financing renewable energy projects across multiple markets in the US, and we are excited to leverage this expertise for the successful delivery of this portfolio in New York.”
The inaugural project of the Liberty portfolio, Hoffman Falls Wind, has recently submitted its 94-C application to New York's Office of Renewable Energy Siting and is scheduled to commence construction in 2026. The remaining projects in the portfolio are expected to start construction between 2027 and 2030.
CIP's fifth flagship fund, CI V, has a target size of €12 billion, making it one of the largest of its kind globally. The fund has already made two investments, with an additional four investments expected during 2024, ensuring fast deployment of capital.
