Copenhagen Infrastructure Partners (CIP), on behalf of the Copenhagen Infrastructure Fund IV, announced that it has sold its 100% stake in the Travers Solar project to a fund managed by Axium Infrastructure. The Travers Solar project, located 130km south of Calgary in Alberta, Canada, has a total capacity of 465 MWac / 691 MWdc and is the largest non-hydro renewable energy asset in Canada.
The Travers project, which represents CIP's first investment in Canada, started construction in March 2021 and reached commercial operations in November 2022. Today, the project provides clean energy to over 100,000 households in Alberta.
CIP's Tim Evans, Partner and Head of North America, said that “Travers has proved not only a valuable asset but also a significant driver in Canada's transition to renewable energy. The sale of Travers is evidence of the value created by CIP during the development, financing, and construction phases of this marquee renewable energy asset. The consummation of this transaction advances CIP's commitment to a sustainable future.”
The transaction closed after receiving regulatory and other customary closing conditions and approvals. CIBC Capital Markets acted as exclusive financial advisor to CIP on the sale and as joint bookrunner and mandated lead arranger on the project financing. Norton Rose Fulbright acted as legal advisor to CIP.
