CIP Secures US$3 Billion for Growth Markets Fund II

Copenhagen Infrastructure Partners has finalized fundraising for its Growth Markets Fund II (GMF II) at approximately US$3 billion, expanding private capital deployment into large-scale renewable energy and storage projects across high-growth middle-income economies. In Mexico, where grid capacity constraints and rising power demand require firm renewable generation, GMF II is driving flagship developments like La Esperanza Solar in Campeche under SENER's strategic energy framework and long-term contracts with CFE Calificados. This capital expansion directly impacts institutional investors, utility-scale developers, state utilities, and industrial power consumers seeking reliable, low-carbon supply within the wholesale power market.
________

Copenhagen Infrastructure Partners (CIP) has finalized fundraising for the second vintage of its Growth Markets Fund (GMF II), securing approximately US$3 billion in commitments across the fund and its associated vehicles. The vehicle expands CIP’s ability to connect institutional capital with high-quality renewable energy projects in key growth markets with infrastructure needs.

According to CIP, the total commitments make GMF II nearly triple the size of its predecessor fund, GMF I, which closed at US$1 billion and is projected to deliver over 8.7GW of capacity across more than 50 projects in India and South Africa. The new vehicle targets large-scale, greenfield energy infrastructure investments in 15 selected middle-income markets across Eastern Europe, Asia, and Latin America.

At final close, GMF II has committed US$1.6 billion across nine infrastructure investments. Recent developments within the portfolio include the commissioning of a standalone battery project in Chile below its initial budget, the start of construction on Mexico’s initial large-scale combined solar and battery storage developments, and reaching financial close on the Pestera II onshore wind project in Romania. 

"Reaching a US$3 billion final close and tripling the fund size compared to our predecessor fund is a strong validation of our Growth Markets strategy and of investors’ confidence in our ability to originate, develop, and build large-scale renewable energy projects," said Niels Holst, Partner and Co-Head of Growth Markets Funds, CIP. 

Holst noted that GMF II attracted a diverse group of limited partners, including sovereign wealth funds, pension funds, family offices, and development finance institutions across Asia, the Middle East, and North America.

According to CIP, the total value of the fund exceeded paid-in capital at final close, with the firm expecting GMF II to be fully committed within one to two years. "With GMF II, we are building on our track record and expanding our ability to connect capital with high-quality renewable energy projects in select growth markets that have a fundamental need for new and reliable energy infrastructure," added Ole Kjems Sørensen, Partner and Co-Head of Growth Markets Funds, CIP. "We are delivering a robust investment product to our LPs, targeting attractive risk-adjusted returns within a resilient asset class,” he concluded.

CIP’s Most Recent Milestone in Mexico

On Aug. 7, 2026, MBN reported that CIP secured US$510 million in debt financing to begin construction on La Esperanza Solar in Campeche, marking its first utility-scale renewable energy project in Mexico. The infrastructure complex combines a 420MWdc solar photovoltaic generation plant with a 150MW, five-hour (750MWh) battery energy storage system, creating one of the largest integrated solar and storage facilities in the country. The project is designed to strengthen the National Electricity System (SEN) while expanding power capacity across the Yucatan Peninsula. 

Peter Halmø, Partner, Managing Director, and Head of Latin America, CIP, stated that reaching financial close represents a major milestone for the firm following several years of pre-development activity in the Mexican market. "This step reflects both the strength of the team and project and the close collaboration with contractors, authorities, and partners," Halmø said. "Pairing solar with battery storage is central to bringing more renewable energy onto the Mexican grid, and we are proud to help build a more reliable, lower-carbon power system." 

Sørensen added that the project reflects the long-term investment strategy of CIP’s Growth Markets Fund II. Sørensen emphasized that constructing high-quality energy assets in economies like Mexico delivers attractive risk-adjusted returns for institutional investors while accelerating a cost-efficient transition toward cleaner energy sources. 

The debt package was underwritten by an international syndicate comprising BNP Paribas, JPMorgan Chase Bank, Natixis CIB, Santander, and Scotiabank. CIP provides project equity alongside an anticipated co-investment from Mexican retirement fund administrator Profuturo. 

Targeted to begin commercial operations in 2028, the development is anchored by a long-term coverage contract with CFE Calificados, the qualified supplier subsidiary of state utility CFE. The long-term agreement provides the demand certainty required to secure project financing and advance civil works while advancing CFE Calificados' strategy, aligned with policy guidelines under President Claudia Sheinbaum, to supply large commercial and industrial off-takers with firm renewable energy capacity.