In a press release, CIP announces its commitment to onshore wind energy. With an investment of 70 million euros, the group is pursuing its commitments made at the COP 26. In effect, CIP is providing a CI GCF I credit to Capital Energy, a major Spanish renewable energy developer.
CIP wants to develop onshore wind power in Spain
First of all, Capital Energy wants to develop onshore wind power in Spain. With this in mind, a financing agreement was signed between the two entities. The CIP loan will provide a total of 70 million euros. This will facilitate the development and construction of a 1 GW portfolio of onshore wind assets in Spain. Thus, onshore wind power will be deployed throughout Spain with construction and operation between 2023 and 2025.
Second, CIP emphasizes the historic nature of the credit to Capital Energy. This transaction is the first investment of the new CI GCF I fund. In addition, the financing will allow Capital Energy to accelerate the construction and deployment of its onshore wind assets. CIP will support its partner in its strategic plan to become an independent power producer.
Finally, Nicholas Blach-Petersen, CIP partner and co-manager of CI GCF I, highlights the importance of this investment in onshore wind. He comments:
“CIP is delighted to partner with Capital Energy. This financing helps develop a portfolio that will ultimately provide clean energy to nearly 350,000 homes in Spain. This transaction is the first of a very strong pipeline of deals to close.”
“The financing is structured to provide capital flexibility to Capital Energy. This facilitates value creation through the construction, development and ownership of onshore wind assets. In addition, it provides CIP with an attractive investment with a strong credit profile. “