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

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.

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