Copenhagen Infrastructure Partners (CIP) has closed a long-term project financing to invest in the Monegros onshore wind farm portfolio.

Monegros has an installed capacity of 487MW in Spain. It is part of Copenhagen Infrastructure III K/S (CI-III), a $3.95bn (€3.5bn) energy infrastructure fund managed by CIP.

CIP senior partner Christian Skakkebæk said: “The closing of the Green Loan financing of Monegros on attractive terms marks another important milestone for our Monegros investment.

“It is one of the largest market parity renewable energy investments made in Europe to date, demonstrating CIP’s ability to identify and execute projects that will contribute meaningfully towards Europe’s green transition.”

The Monegros portfolio comprises 12 wind farms across Aragon. The Spanish and European banks ABN AMRO, Bankia, Bankinter, BBVA, Sabadell, and UniCredit have financed the projects.

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By GlobalData

The wind farms will use 129 GE 3.8-130 wind turbines, delivered and installed by GE Renewable Energy. Additionally, GE Renewable Energy has agreed to provide operational and maintenance services for the turbines under a long-term service agreement.

The financial institutions have agreed to offer approximately €380m of non-recourse long-term debt financing. This will be available for drawdown once the wind facility begins commercial operations.

CI-III says the works have already produced their first power, and estimates commercial operations will begin within the next 12 months. It is funding the construction works of the wind farm facilities and has said despite Covid-19, construction works are currently on time and on budget.

When in full operation, the portfolio will generate approximately 1.5 TWh of renewable power annually.