Copenhagen Infrastructure Partners (CIP), acting on behalf of its flagship fund, CI V, has announced the successful acquisition of Liberty Renewables, a 1.3 GW portfolio of onshore wind projects in New York.
Established in 2019, Liberty Renewables owns a portfolio of greenfield renewable energy projects in New York. With a robust pipeline of approximately 1.3 GW of onshore wind, 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.'
'We are delighted to announce this transaction with CIP,' said Andy MacCallum, President, Liberty Renewables. '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.'
Liberty’s inaugural 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. The remaining projects in the portfolio are expected to start construction between 2027 and 2030.
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 the development stage and potential equity commitments of EUR 22 billion. The fund has already made two investments with additional four investments expected during 2024 ensuring fast deployment of capital.
Source: Copenhagen Infrastructure Partners (CIP) via GlobeNewswire
