As part of the partnership, CI IV will invest in Bute’s renewable energy projects in Wales, which are in various stages of development.
Bute’s portfolio also includes co-located battery energy storage systems that could have a combined capacity of more than 2GW by 2030.
These projects are expected to bring socioeconomic benefits to the local and regional economies.
CIP senior partner Christian Skakkebæk said: “We are very excited to partner with Bute Energy on the significant portfolio of renewable energy projects in Wales.
“We look forward to supporting Bute’s development activities and contributing our own expertise in the delivery of large-scale renewable infrastructure investments to deliver projects that will make a significant contribution to the green transition.”
Under this partnership, Bute will continue to lead the renewable project development activities, while CIP will offer its knowledge of procurement and financing for the projects.
The first projects are scheduled to enter their construction phase in 2024.
Going forward, the companies will begin consultations with stakeholders and local communities aligned with the planning process for ‘developments of national significance’ in Wales.
Bute Energy chairman Erik Bonino said: “We are delighted to be partnering with CIP.
“This investment will allow us to accelerate the development of our portfolio and bring significant supply chain and economic benefits to Wales.
“Our first onshore wind planning application will be made in the summer of 2022 for the Twyn Hywel Energy Park, located largely within a Pre-Assessed Area for Wind Energy in Southeast Wales.”