FIH Partners advises CIP on the acquisition of a 113MW onshore wind portfolio in Spain

Acquisition of Monegros II onshore wind portfolio
Jul 2020
Deal Value:
Private auction

FIH Partners advised Copenhagen Infrastructure Partners (CIP), through Copenhagen Infrastructure III K/S, on the acquisition of a 113MW onshore wind portfolio in Spain (project “Monegros II”) from Forestalia, the experienced Spanish developer focusing exclusively on renewable energy assets.

The portfolio is located in Northern Spain in close proximity to CIP’s existing 374MW Spanish onshore wind portfolio, Monegros I, which CIP acquired in 2019, and the two portfolios are being developed as one combined portfolio (together, project “Monegros”). Construction of the Monegros portfolio has started and is progressing well, despite the challenging market conditions caused by the COVID-19 pandemic. The portfolio is expected to reach commercial operation date (COD) gradually over the next 12 months and will have 487MW of combined installed capacity, consisting of 129 GE wind turbines. Once operational, the power generated by the Monegros portfolio is expected to cover the electricity consumption of approx. 430,000 Spanish households annually.

Construction of the Monegros portfolio will be funded solely with equity financing. Upon the wind farms commencing commercial operations, the portfolio will be refinanced with non-recourse long-term project financing of around EUR 380m, committed by six leading Spanish and European banks.

FIH Partners acted as exclusive financial advisor to CIP on the acquisition of the Monegros II portfolio.