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CIP reaches first close for bioenergy fund
Copenhagen Infrastructure Partners has raised EUR 375m at first closing for its new bioenergy vehicle – CI Advanced Bioenergy Fund I (CI ABF I).
The fund, for which CIP has a EUR 1bn final target, has a mid-cap green fuel strategy and will focus on equity investments in advanced bioenergy infrastructure in Europe and North America.
It will make “dark green” investments based on sustainable feedstock such as waste wood, agricultural biowaste, and household and industrial biowaste, while offtake products will include green gas and green fuels, such as renewable natural gas (RNG), liquified natural gas (bio-LNG), and second generation bioethanol.
As a first part of its strategy, CI ABF I has secured a seed portfolio of development-stage advanced bioenergy projects across Europe.
As with its other energy infrastructure vehicles, CI ABF 1 will invest in projects prior to the start of construction and will look to optimize and de-risk projects and investments.
LPs at first close include PensionDanmark, Industriens Pension, Andra AP-fonden and Fjärde AP-fonden.
Plesner (legal) advised on the formation of the fund.