CIP, on behalf of the fund Copenhagen Infrastructure III (CI III), and DEW have entered into a partnership regarding the development of a portfolio of geothermal energy projects in the upper Rhine valley of Germany.
The partnership joins CIP’s track record in developing, constructing and operating large renewable energy projects and DEW’s experience within the deep geothermal energy sector. CIP holds a majority stake in the partnership and DEW a minority stake.
The geothermal projects will generate electricity by pumping up hot water of +100 ºC from 3-5 km depth. Geothermal is a long-term sustainable energy source with examples of wells that have been operating for more than 50 years and still produce energy today. Geothermal technology provides base load power in the energy supply.
PensionDanmark has made a EUR 540m commitment to CIP’s fourth fund, CI III, which held a final close in March, 2018, at EUR 3.5bn. PensionDanmark is the largest investor of the fund.
