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REGIONS EUROPE


Hands-on C


CURRICULUMVITAE


STEEN LØNBERG JØRGENSEN


2016 CopenhagenInfrastructure


Partner Partner


Previously Nordea, managing director; Dansk Kapitalanlæg, CEO


Swedish and Norwegian pension funds and insurance companies,whowereamong the few investors focusing on ESG. In the past couple of years, that focus has spread to all countries around the world. Today, in the EU, the US, Canada and big Asian countries, all institu- tional investors have a focus on ESG. As a result, our Copenhagen Infrastructure IV brought together around 100 institutional investors. At the moment, we have €16bn of assets under management, and are targeting between€75bn and €100bn by 2030.


Q A


most fund managers prefer to invest in exist- ing projects?


Q A


Whenwedesign a project fromscratchand pick the suppliers, we outline the risk pro-


file of the project for the next 20 years. By engaging early, we can design a risk-return pro- file that fits our needs, instead of buying a pro- ject that fits the needs of its developer. Also, a


Why is CIP a direct investor in green- field renewable energy projects, when


Q&A: STEEN LØNBERG JØRGENSEN


COPENHAGEN INFRASTRUCTURE PARTNER AIMS TO INVEST AT LEAST €75BN INTO CLEAN ENERGY BY 2030. JACOPO DETTONI REPORTS


openhagen Infrastructure Partner (CIP) has pioneered renewable energy investment


since 2012, when it set up its first fund in the space. Its hands-on approach, where it designs and develops greenfield projects across the renewable spectrum, rather than buying ready- made assets, has borne fruit. CIP now manages assets for around €16bn for dozens of institu- tional investors fromacross theworld. Withthe governments andcompanies doubling downon their net-zero commitments and the electrifica- tion of the world economy expected to acceler- ate, CIP is raising the stakes even further, part- ner Steen Lønberg Jørgensen tells fDi.


Has the mounting environmental, social and corporate governance (ESG) wave made CIP’s investment case stronger?


That’s certainly the case. In our first fund in 2012, our investors were mostly Danish,


more recent reason is that the price of brown- field projects has gone up because more people are looking into the space and expect returns go down.


this well. The bigger the better. With regards to onshore wind and solar power, we are very selective and only go for big projects: 500-mega- watt projects, or one-gigawatt is even better. At the same time, in countries where there is a high degree of renewables in the energy mix, and therefore high intermission, we look at opportunities in transmission infrastructure and pumped-storage hydro. We also have many waste-to-energy projects, mostly in the UK. The new €800m Energy Transition funds mostly focus on ‘power-to-x’ projects.


Q A


for renewable energy generation.What needs to change for an investor like CIP to invest in these regions?


consistency in the policy and regulatory regime. As a greenfield investor, we need to see a road to get all the permits and necessary grid connections. While we can deal with all the commercial parts of the project, its surround- ings need to be visible and clear. A success case in this regard is Chile, where we are again look- ing at power-to-x opportunities, as the market for wind and solar power is very mature.Weare also looking at Brazil, where we expect to do a lot in the next couple of years.■


Q A


WEFOCUSONVERY LARGE-SCALE PROJECTS— OFFSHORE WIND FITS THIS WELL


72 www.fDiIntelligence.com August/September 2021


We need visibility when it comes to energy policy and regulation. There needs to be


CIP doesn’t have any investment in Africa or Latin America, despite their potential


Offshore wind power assets make up the bulk of your asset portfolio, although


you have recently announced a big solar power project in Canada. What’s your strategy for finding the right technology to invest in?


In our traditional funds, we focus on very large-scale projects — offshore wind fits


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