Clayton Utz has advised Danish fund manager Copenhagen Infrastructure Partners (CIP) on establishing the Australian parallel fund as part of CIP's Copenhagen Infrastructure IV (CI IV) - the largest dedicated greenfield renewable energy fund globally and the first Danish, Luxembourg and Australian parallel fund structure in the world.
A Clayton Utz team led by Financial Services partner Matt Daley and Project Finance partner Peter Staciwa, and including special counsel Vanessa Pallone and lawyer Kimberley Grellinger, advised CIP on the establishment of the Australian parallel fund structured as an Australian wholesale managed investment scheme, which CIP will manage and Australian investment and trustee group Perpetual will operate.
The Australian parallel fund dedicated for Australian investors will sit alongside fund vehicles in Denmark and Luxembourg, having achieved commitments from investors based in the Nordic, Europe, UK, US, Japan, Taiwan and other countries.
CI IV held final close on 16 April with EUR 7 billion in funds, having reached its target fund size of EUR 5.5 billion in December 2020. The Australia trust raised commitments of AUD$230 million from Australian superannuation clients. CI IV will use the proceeds to continue to invest in greenfield renewable energy infrastructure projects globally.
The novel nature of the fund in the Australian market presented an exciting opportunity for the team to blend CIP's global documentation with local regulatory and market requirements.
Peter Staciwa said it was a pleasure to again work with CIP, and that the transaction highlighted strong investor appetite globally for renewables as all levels of governments and corporates globally increase their focus on the development of, and investment into, renewable energy sources.
Clayton Utz continues to work with CIP to develop the proposed "Star of the South" project - Australia's first offshore windfarm, and the country's largest ever windfarm project.
