Danish investment firm Copenhagen Infrastructure Partners (CIP) has announced the acquisition of two closed-loop pump storage hydro projects in the US on behalf of Copenhagen Infrastructure IV K/S.
As part of the deal, CIP acquired the 400MW Swan Lake hydro project in Klamath County, Oregon, and the 1,200MW Goldendale project in Klickitat County, Washington.
Swan Lake secured its 50-year Federal Energy Regulatory Commission (FERC) licence last year, while Goldendale filed an application with FERC in June.
CIP senior partner Christian Skakkebæk said: “At CIP, we focus on teaming with leading developers and making investments in energy infrastructure assets with a high degree of stability in cash flows.
“With the long investment horizon of our funds, it enables us to participate in large projects overseeing contracting, de-risking, financing, construction and operation.
“Pumped storage hydro is a unique and valuable asset class that will be a key resource as the global transition to renewable energy continues to accelerate in states such as Oregon, Washington and Montana.”
The two hydro projects were owned and in development under a joint venture (JV) between Rye Development (Rye) and National Grid.
Rye has agreed to lead the development of the two hydro projects until the start of construction.
Rye Development vice-president Erik Steimle said: “CIP recognises the long-term importance of new storage infrastructure projects to help harness and store wind and solar energy for meeting peak demand as both Washington and Oregon move toward a 100% clean electricity grid, cost-effectively and reliably.”
Financial terms of the deal have not been disclosed.
Last September, CIP acquired the 374MW onshore wind portfolio Monegros in Aragon, Spain, for an undisclosed sum.