3 minute read | May.16.2024
Copenhagen Infrastructure Partners, acting on behalf of its CI V flagship fund, has acquired Liberty Renewables.
Liberty Renewables owns a portfolio of greenfield renewable energy projects in New York, including a robust pipeline of approximately 1.3GW of onshore wind projects.
Orrick represented Copenhagen Infrastructure Partners (CIP) in the deal, the latest of several engagements in which Orrick has advised CIP worldwide.
Just last month, Orrick represented CIP in its acquisition, through CI V, of Elgin Energy, a leading international solar company with a portfolio of projects in in late-stage development the UK, Australia and Ireland.
Both deals underscore the trend of large funds increasingly gravitating to portfolio deals.
Founded in 2012, Copenhagen Infrastructure Partners is the world’s largest dedicated fund manager within greenfield renewable energy investments and a global leader in offshore wind. The funds managed by CIP focus on investments in offshore and onshore wind, solar PV, biomass and energy-from-waste, transmission and distribution, reserve capacity, storage, advanced bioenergy and Power-to-X.
CIP manages 12 funds and has raised approximately EUR 28 billion for investments in clean energy and associated infrastructure from more than 160 institutional investors globally. CIP has about 500 employees and 12 offices around the world.
With a target size of EUR 12bn, CIP’s fifth flagship fund, CI V, is set to become the largest of its kind globally. CI V is off to a strong start with a large and diversified portfolio of renewable energy infrastructure projects in development stage and potential equity commitments of EUR 22 billion. The fund has made two investments, with additional four investments expected this year.
Liberty Renewables’ inaugural project, Hoffman Falls Wind, is scheduled to start construction in 2026. The remaining projects in the portfolio are expected to start construction between 2027 and 2030.
Liberty is well positioned to contribute significantly to New York’s clean energy objectives and to support the state’s journey towards economy-wide decarbonization.
“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,” said Tim Evans, partner and head of North America at CIP. “We are excited to support New York’s clean energy transition through the acquisition of the Liberty portfolio.”
Andy MacCallum, president of Liberty Renewables, said, “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.”
Orrick’s David Gold, Kristin Seeger, Kyle Zhu, and Ashleigh Williams led the team that advised Copenhagen Infrastructure Partners. The team also included Darrell Thomas, Mason Harry, Sue Cowell, Zach Huey, Jamie Larkin, John Eliason, John Narducci, Chelsea Munoz-Patchen, Mike Wiesner, Laura Becking, Chanani Sandler, Cory Lankford, Kayla Grant, Jonathan Ayre, Jeanine McGuinness, Amanda Brooks, and the Orrick Analytics team.