The solar project has the capacity to power more than 100,000 households in the region. Credit: Michael Förtsch / Unsplash.

Danish investment firm Copenhagen Infrastructure Partners (CIP) has announced the sale of its 100% interest in Travers Solar, a 465MWac/691MWdc project.

The stake was sold to a fund managed by Axium Infrastructure in Canada for an undisclosed sum.

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CIP carried out the deal on behalf of its Copenhagen Infrastructure Fund IV.

Located about 130km south of Calgary, Alberta, Travers Solar began commercial operations in November last year.

It has the capacity to supply clean energy to more than 100,000 households in the region.

The project was CIP’s first investment in Canada and is claimed to be the country’s largest non-hydro renewable energy asset.

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The sale closed earlier this week after it received regulatory and other customary closing conditions and approvals.

CIP North America partner and head Tim Evans said: “Travers has proved not only a valuable asset but also a significant driver in Canada’s transition to renewable energy.

“The sale of Travers is evidence of the value created by CIP during the development, financing, and construction phases of this marquee renewable energy asset.

“The consummation of this transaction advances CIP’s commitment to a sustainable future.”

CIBC Capital Markets served as the financial advisor to CIP for the deal, as well as a joint bookrunner and mandated lead arranger on the project financing.

In addition, Norton Rose Fulbright acted as legal advisor to CIP for the transaction.

CIP currently manages ten funds and has raised around €19bn ($20.7bn) for investments in energy and associated infrastructure to date.

Earlier this month, Statkraft signed an agreement with the company’s Copenhagen Infrastructure IV K/S (CI IV) fund to build 2.2GW of offshore wind capacity in Ireland.

The offshore projects will be developed in three phases at the North Irish Sea Array and Bore Array, requiring a total investment of more than €4bn.