FIH Partners advises CIP, through Copenhagen Infrastructure III K/S (CI-III), on the divestment of a 49% stake in the Monegros onshore wind portfolio to a fund managed by Arjun Infrastructure Partners.
The Monegros portfolio consists of 12 onshore wind farms with a total installed capacity of 487MW located in Aragón, Spain. In 2019 and 2020, FIH Partners advised CIP on acquiring the portfolio in two separate transactions and since then CIP has successfully taken the portfolio through the development phase and subsequently the construction phase, which is now nearing completion on time and on budget despite the challenges caused by Covid-19. The power output from the Monegros portfolio has been contracted under a long-term PPA and CIP has successfully secured a refinancing debt package committed by a consortium of six banks of approx. EUR 380 million available for drawdown once the wind farms reach commercial operations date (COD). Following closing of the transaction, CI-III will remain controlling shareholder and operator of the Monegros portfolio.
The transaction is subject to customary closing conditions and will become effective once the entire portfolio has reached COD.
FIH Partners acted as exclusive financial advisor to CIP.