ALTÉRRA has committed capital from its Transformation Fund to Copenhagen Infrastructure Partners’ (CIP) Growth Markets Fund II (GMF II). The fund will focus on investing in large-scale greenfield renewable energy projects across Asia, Latin America, and the Europe, Middle East, and Africa region. GMF II is being developed as a large greenfield-focused renewable energy investment vehicle targeting markets with emissions-intensive power systems and strong growth in electricity consumption.
CIP plans to invest through the fund in offshore wind, onshore wind, solar projects, battery energy storage systems, and Power-to-X solutions. Additionally, the fund strategy includes related ancillary infrastructure intended to support renewable energy integration. Moreover, it expected to offset approximately 10 million tonnes of carbon dioxide equivalent emissions annually while prioritising greenfield development in underserved regions.
The markets targeted by GMF II reportedly represent close to 40 per cent of global solar and wind capacity by 2050, driven by population and economic expansion. Electricity demand in these regions is rising at rates significantly higher than in advanced economies. Since GMF II’s inception, CIP has made around 60 investments, with about 20 GW of renewable capacity either operational or under construction.
