Copenhagen Infrastructure Partners closed its global greenfield renewables fund, Copenhagen Infrastructure IV, at the €7 billion ($8.4 billion), ahead of its €5.5 billion target, a spokesman confirmed.
The fund will invest in greenfield renewable energy infrastructure projects such as wind farms, solar photovoltaic systems, transmission networks and energy storage.
Investors in the fund included the €36 billion PensionDanmark, Copenhagen, and Brunel Pension Partnership, Bristol, England, the pool of U.K. local authority funds that runs £30 billion in assets on their behalf.
With the establishment of the fund, CIP's renewable energy investments, which total €14 billion, are estimated to reduce 10 to 11 million tonnes of carbon dioxide emissions, the firm said Monday in a news release.
The three previous funds in the series closed at €3.5 billion in 2018, €2 billion in 2015 and €1 billion in 2012.