(Bloomberg) — Copenhagen Infrastructure Partners has raised over €12 billion ($13 billion) for its latest green power fund, making it one of the largest ever investment vehicles dedicated to renewable energy.

The flagship fund — CIP’s fifth and biggest to date — will invest in projects spanning wind farms, to solar parks and grid-connected batteries. 

It’s a significant moment for a sector that’s been battered in recent years by rising inflation, higher interest rates and investor skepticism. It also shows that private markets are still able to rake in huge sums of money for renewables projects, even as publicly traded green stocks struggle. 

“It’s a really, really good market to be a buyer of renewable energy projects,” Jakob Baruel Poulsen, co-founder of CIP, said in an interview. “When people are leaving the sector, we usually buy stuff from them cheaply and a few years after when they want to get in again, we usually sell some of it back to them at a higher price.”

Other renewable infrastructure specialists are making similar bets. Last month, Brookfield Asset Management agreed to buy a portfolio of onshore renewables assets in the US for $1.7 billion.

CIP operates as both an asset manager and a project developer. That means the investor has access to “the high quality projects” as well as “the benefit from the value creation from maturing the projects,” Baruel Poulsen said. “We are operating in a totally inefficient market where our value creation is the main thing.”

Copenhagen Infrastructure Partners has already committed some 60% of the latest fund’s money to projects that include a $4 billion offshore wind farm in Taiwan, onshore renewables in the US and a pair of battery projects in the US and Australia. Overall, CIP aims to deliver its investors returns of 10% to 12% over the lifetime of the fund. 

The investor is taking advantage of the current dip in the market for renewables to stock up on assets. For example, it recently bought the rights to an offshore wind farm in the UK from a developer that had decided not to pursue the project.

“I’m actually not sorry about this dynamic of people coming and going because it creates actually a lot of good opportunity for us,” Baruel Poulsen said. “As long as we sit on the largest portfolio and the biggest set of development competencies and information about market developments and projects, then we are in a good position to create superior returns for our investors.”

At the same time, power projects in Europe are benefiting from higher prices, he said. Natural gas and electricity prices soared in the run up to Russia’s invasion of Ukraine. While prices have receded from the peak seen at the height of the crisis, long-term power prices are roughly double levels seen before Russia’s invasion, Baruel Poulsen said. 

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