Vestas Buys Into Copenhagen Infrastructure Partners
Vestas Wind Systems has entered into an agreement with Copenhagen Infrastructure Partners (CIP) to acquire a 25% stake in the company.
Through the investment, Vestas said the aim is to further expand its presence in renewable project development and invest within areas of the renewables value chain that lie beyond its existing activities.
Vestas and CIP will collaborate on certain projects in the early phases of the development cycle, but Vestas stated it will not grant CIP any other preferential consideration as a customer in regards to its development pipeline and/or turbine sales.
Through representation on the CIP board, Vestas will engage in discussions around the strategic direction of CIP, but will not be involved in decision making at fund, investment, or project level, including the selection of wind turbine suppliers.
As part of the agreement, Vestas will invest into a new Energy Transition Fund managed by CIP as an anchor investor, which will focus on nurturing Power-to-X and other technologies that can further increase the deployment of renewables across energy systems.
The transaction is expected to be completed in the first quarter of 2021.
“I am looking forward to Vestas being part of the board of CIP,” said Jakob Baruël Poulsen, CIP Managing Partner. “CIP and Vestas have a shared vision for the renewable energy market providing common ground for the strategic direction of CIP, which will continue to create innovative and attractive investment products for investors with a significant contribution to the global climate agenda.”