Energy infrastructure investment manager Copenhagen Infrastructure Partners (CIP) announced the launch of Perigus Energy, its new European renewable energy platform created through its now-completed acquisition of Ørsted’s European onshore business.

The companies announced the acquisition earlier this year, in a transaction valued at €1.44 billion (USD$1.7 billion). The transaction marked the completion of a major divestment program for Ørsted aimed at shoring up the company’s capital position, and part of its strategy to refocus on offshore wind in its core European markets.

According to CIP, Perigus Energy will support Europe’s energy security and transition by developing, building and operating clean energy projects in Ireland, Germany, the UK and Spain. The acquired assets include more than 800 MW of operating (578 MW) and in‑construction assets (248 MW) and a multi‑gigawatt development pipeline, spanning onshore wind, solar energy, and battery storage projects.

CIP acquired the business through its fifth flagship fund, CI V. CIP announced the fund’s final close last year, raising €12 billion to invest primarily in large-scale renewable energy infrastructure in low-risk OECD countries situated in North America, Western Europe, and the Asia Pacific region, diversified across various technologies, including wind, solar PV and battery storage.

Kunal Patel, Partner of CIP, said:

“Today marks the completion of an important transaction for CI V and a major milestone for continued growth in European onshore renewables. Perigus Energy combines a proven team, an established operating portfolio and a promising multi-gigawatt pipeline across core European power markets.”

The new platform is led by CEO Kieran White, who joins from Ørsted, where he served as SVP Europe, Ørsted Onshore. Prior to joining Ørsted, White served as CEO at Brookfield Renewable Ireland and UK.

White said:

“The high volatility in international energy markets demonstrates clearly Europe’s need for secure, home-grown and green electricity. With Copenhagen Infrastructure Partners on board, we will enhance our delivery capability across our multi-gigawatt investment-ready pipeline spanning onshore wind, solar and battery storage.”