With a focus on developing both offshore and onshore wind, solar, energy storage, and power-to-X projects in selected high-growth markets across Asia, Latin America, Europe, the Middle East, and Africa, the fund has a target size of $3 billion and is expected to deliver renewable energy infrastructure projects reflecting over $10 billion of capital investment.

This will enable more than 10GW of new renewable energy capacity. It is set to be the world’s largest fund focused on greenfield renewable energy investments in high-growth markets.

Christina Grumstrup Sørensen, senior partner and founder of CIP said, "To reach net-zero, we need to bring affordable, reliable, and clean energy to all parts of the world. This fund will be deploying significant private capital to ensure renewable projects in many countries, where it will contribute to growth and job creation while delivering a substantial impact in terms of reducing carbon emissions."

Niels Holst, partner at CIP and co-head of the GMF added, "These countries represent attractive markets for investors seeking exposure to some of the highest expected growth rates for renewables. They are estimated to account for 25 per cent of global renewable energy capacity by 2050, as economic and demographic growth drives rapidly increasing electricity demands."

Ole Kjems Sørensen, partner at CIP and co-head of the GMF stated, "The fund is off to a good start with a large and diversified portfolio of projects reflecting potential equity commitments of more than $5 billion – far exceeding the target. We expect the fund to be a global driver in the green and just transition."

Based on GMF II’s existing portfolio of renewable energy development projects, the fund has the potential to reduce greenhouse gas emissions by more than 10 million tonnes annually, while powering more than 10 million homes with clean energy and creating more than 100,000 full-time equivalent years of work globally.

Vietnam is one of the key focus markets for GMF II with a pipeline of renewable energy projects such as the La Gan offshore wind project, which will be located off the coast of Binh Thuan province. The La Gan project has a projected capacity of 3.5GW when fully developed, with a total estimated investment of $10.5 billion.

When fully established, La Gan is expected to power more than 7 million Vietnamese households and generate over 45,000 jobs.

CIP manages 12 funds, and has to date raised approximately $28 billion for energy investments. It has established a renewables pipeline of approximately 120GW of energy projects across technologies and geographies. Almost half of this renewable energy portfolio (over 50GW) is made up of offshore wind.