Denmark’s Copenhagen Infrastructure Partners (CIP) has launched the Growth Markets Fund II (GMF II) with a target fund size of $3 billion that will focus on 15 countries including Vietnam.
In a Monday release, CIP, a global leader in offshore wind energy, said fund was launched during the COP28 summit in Dubai. Besides Vietnam, the fund targets 14 high-growth middle-income markets across Asia, Latin America and Europe, the Middle East and Africa (EMEA) such as India, the Philippines, Mexico and South Africa.
The 15 markets have strong fundamentals for renewable energy infrastructure investments with a combination of high economic and demographic growth, including an expanding middle class leading to accelerating electricity demand, the CIP release said.
GMF II’s focus markets are expected to account for 25% of global installed renewables capacity by 2050. These markets present significant potential for offshore wind which is estimated to expand about 50 times from 2022 to 2035 and become an important driver for green transition.
Earlier this month, CIP had said that it was looking to cooperate with Vietnamese partners on large-scale (of 500 MW or more) offshore wind power projects.
The Danish firm has established a joint venture company and two representative offices in Vietnam to research and develop offshore wind power projects, including the 3.5 GW La Gan project in Binh Thuan province, with total investment estimated at $10.5 billion.
The La Gan project is currently implementing procedures for deployment and targets completion by 2030, CIP board member Robert Helms, informed Vietnamese Prime Minister Pham Minh Chinh during a meeting on the sidelines of the COP28 summit.