Danish investment firm Copenhagen Infrastructure Partners announced Monday that it has completed its acquisition of Liberty Renewables, a 1.3 GW portfolio of onshore wind projects in development in New York.
“CIP has a strong track record of developing and financing renewable energy projects across multiple markets in the U.S., and we are excited to leverage this expertise for the successful delivery of this portfolio in New York,” Andy MacCallum, president of Liberty Renewables, said in a release from CIP.
Liberty Renewables was founded in 2019 through a partnership between wind energy companies Natural Forces and ProWind Renewables. Its first project, Hoffman Falls Wind, “recently submitted its 94-C application to New York’s Office of Renewable Energy Siting and is scheduled to commence construction in 2026,” according to the release.
The other projects in its portfolio are due to start construction between 2027 and 2030.
CIP said the acquisition was for its fifth flagship fund, CI V, which has raised over 10 billion in capital commitments for greenfield renewable energy investments. Private investment bank Marathon Capital said in a Monday release that it advised on the sale.
“CI V is off to a strong start with a large and diversified portfolio of renewable energy infrastructure projects in the development stage and potential equity commitments of EUR 22 billion,” the CIP release said. “The fund has already made two investments with additional four investments expected during 2024 ensuring fast deployment of capital.”
CIP’s Head of North America Tim Evans said in the release that onshore wind will be “critical” for New York to achieve its renewable energy targets. CIP did not respond to a request for comment.
Earlier this month, CIP used CI V to acquire a majority stake in Elgin Energy, a developer with 15 GW of solar and storage projects in development in the U.K., Ireland and Australia.
