Copenhagen Infrastructure Partners (CIP) has sold its 100% ownership interest in the Travers Solar project in Alberta, Canada, to a fund managed by Axium Infrastructure. Terms of the deal were not disclosed.
Located about 130 km south of Calgary, Travers Solar has a total capacity of 465 MWac / 691 MWdc and is the largest non-hydro renewable energy asset in Canada. The project, which represents CIP’s first investment in Canada, started construction in March 2021 and reached commercial operations in November 2022. The project delivers clean energy to more than 100,000 households in Alberta.
“Travers has proved not only a valuable asset but also a significant driver in Canada’s transition to renewable energy,” said Tim Evans, partner and head of North America at CIP. “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.”
The transaction closed earlier this week after receiving regulatory and other customary closing conditions and approvals.
CIBC Capital Markets acted as exclusive financial advisor to CIP on the sale and as joint bookrunner and mandated lead arranger on the project financing. Norton Rose Fulbright acted as legal advisor to CIP.
Founded in 2012, CIP is among the world’s largest dedicated fund manager within greenfield renewable energy investments and a global leader in offshore wind. The funds managed by CIP focus on investments in offshore and onshore wind, solar PV, biomass and energy-from-waste, transmission and distribution, reserve capacity, storage, advanced bioenergy and Power-to-X.
CIP manages 10 funds and has to-date raised approximately $20.6 billion (USD) for investments in energy and associated infrastructure from more than 140 international institutional investors. The firm has approximately 400 employees and 11 offices around the world.