Press Release|Funds

KBRA Assigns an A Rating to BNP Paribas' Participation in a Capital Call Facility to Copenhagen Infrastructure V

19 Dec 2023   |   London


KBRA UK (KBRA) assigns a rating to BNP Paribas' ("BNPP") participation in a capital call facility in the form of a senior secured revolving credit facility (the "Facility") to Copenhagen Infrastructure V ("CI V" or the "Fund"). The Facility is provided by a consortium of lenders including BNPP. The rating assigned was requested by BNPP as a participating lender in the transaction. Neither Copenhagen Infrastructure Partners ("CIP") nor any of its associates has requested this report or rating, and this report has not been prepared for or approved by any of them. KBRA has assigned an A rating and stable outlook to BNPP's €161.8 million commitment to the €1.5 billion Facility.

The Lenders have a first priority security interest to the uncalled capital commitments of the Fund, including security over the right of the general partner to make capital calls. The Lenders also benefit from a first priority security over the bank accounts of the borrowers, guarantors and feeders. The Facility includes a Tranche A Facility, which can be utilised to fund the acquisition of the Fund's portfolio, and a Tranche B Facility, which can be utilised to refinance the debt of an existing subscription facility as well as for working capital and investment purposes.

Founded in 2012, CIP is a Danish investment firm specialised in greenfield renewable energy infrastructure. The Firm has a global portfolio of green energy projects, focusing on offshore wind, onshore wind and solar, energy storage and other renewable technologies. As of December 2023, CIP manages 12 funds with approximately €26 billion in commitments from more than 150 institutional investors. Headquartered in Copenhagen, Denmark, CIP employs more than 1,200 professionals across 12 global offices. CI V is the fifth vintage fund in CIP’s flagship renewables infrastructure strategy, targeting regulated and long-term contracted energy infrastructure investments predominantly in Western Europe, North America (excluding Mexico) and developed Asia Pacific. CI V has raised €5.2 billion of commitments as of September 2023 from 59 investors.

To access rating and relevant documents, click here.

Click here to view the report.


Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

This credit rating is endorsed by Kroll Bond Rating Agency Europe Limited for use in the European Union. Information on a credit rating’s endorsement status is available on its rating page at

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at

There are certain issuers, entities or transactions rated by KBRA Europe or KBRA UK that may be or have relationships with Shareholders and/or Shareholder-Related Companies, as that term is defined in KBRA’s Shareholder and Shareholder Related Companies for KBRA Europe and KBRA UK Policy and Procedure. Relevant disclosure information may be found here.


Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider. Kroll Bond Rating Agency UK is located at 1 Connaught Place, 2nd Floor London, England.

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