CVR No. 44568322
Annual report 16.01.2024 -
31.12.2024
The Annual General Meeting adopted the
annual report on 18.03.2025
Chairman of the General Meeting
Copenhagen Infrastructure V USD Feeder K/S | Contents 1
Contents
Fund details 2
Statement by the General Partner on the annual report 3
Management commentary 4
Independent auditor's report 7
Statement of comprehensive income 10
Statement of financial position as at 31.12.2024 11
Statement of changes in net assets attributable to the Limited Partners 13
Statement of cash flows 14
Table of notes 15
Notes to the financial statements 16
Appendix 1 - Supplementary report on disclosures in accordance with
the SFDR
28
Copenhagen Infrastructure V USD Feeder K/S | Fund details 2
Fund details
Fund
Copenhagen Infrastructure V USD Feeder K/S
Gdanskgade 18, 12.
2150 Nordhavn
Denmark
Business Registration No.: 44568322
Date of foundation: 16.01.2024
Registered office: Copenhagen
Financial period: - 16.01.2024 31.12.2024
General Partner
Copenhagen Infrastructure V GP ApS
Board of Directors in Copenhagen Infrastructure V GP ApS
Thomas Hinrichsen
Simon Kjær
Mads Skovgaard Andersen
Fund Manager
Copenhagen Infrastruc ture Partners P/S
Approved Manager of Alternative Investment Funds (Danish FSA number: 23104)
Auditors
Denmark
Copenhagen Infrastructure V USD Feeder K/S | Statement by the General Partner on the annual report 3
Statement by the General Partner on
On behalf of Copenhagen Infrastructure V GP ApS
Copenhagen Infrastructure V USD Feeder K/S | Management commentary 4
Management commentary
Financial highlights
2024
USD'000
Key figures
Operating profit/(loss) (EBIT) (9,005)
Financial results, net 20
Increase / (decrease) in net assets attributable to Limited Partners (8,985)
Net Assets attributable to Limited Partners 15,690
Total Assets 15,845
Ratios
Liquidity ratio (%) 46.37
Solvency ratio (%) 60.51
Return on equity (%) 34.81
Financial highlights are defined and calculated as below.
Ratios Calculation formula Ratios reflect
Liquidity ratio (%) Current assets x 100
Current liabilities
The Fund's financial strength
Solvency ratio (%) Equity x 100
Total assets
The Fund's financial strength
Return on equity (%) Profit of the year x 100
Average net assets
The Fund's profitability
Primary activity
Copenhagen Infrastructure V USD Feeder K/S (CI V USD Feeder K/S) was established in January 2024 and is
managed by Copenhagen Infrastructure Partners P/S (CIP P/S). The General Partner of Copenhagen Infrastructure
V GP ApS.
At the end of 2024, the Limited Partners had committed USD 100m to CI V USD Feeder K/S for infrastructure
investments in primarily Northwestern Europe, North America and APAC.
Investments
CI V USD Feeder K/S has invested in Copenhagen Infrastructure V SCSp (CI V) and in Copenhagen Infrastructure V
US QFPF EUR SCSp (CI V US QFPF), which own underlying infrastructure investments. At the end of 2024, CI V
group had reached a final investment decision (FID) on 5 investments, Elgin, Scatter Wash, Summerfield,
Fengmiao, and Panther Grove II. In addition to these 5 investments, CI V NO has a number of investments under
development, cf. note 6.
Copenhagen Infrastructure V USD Feeder K/S | Management commentary 5
Elgin Energy
Elgin Energy, a solar and battery storage development platform with a gross pipeline of 15.2 GW spread across
the United Kingdom, Ireland and Australia.
Scatter Wash
Scatter wash is a 255 MW (1,020MWh) 4-hour duration Battery Energy Storage System (BESS) project in Arizona,
reached NTP in Q1 2024 and is expected to reach Commercial Operations Date (COD) in Q2 2025.
Summerfield
Summerfield, a 240MW (960MWh) 4-hour duration BESS project in South Australia, is expected to start
construction in November 2024 and to reach COD in Q4 2026.
Fengmiao
Fengmiao, a 495MW fixed-bottom offshore wind project in Taiwan, is expected to start construction in the
beginning of 2025 and to reach COD in Q4 2027.
Panther Grove II
Panther Grove II is a 450 MW onshore wind farm in Illinois, which is the second and final phase of the Panther
Grove project1, at an attractive return.
Development in activities and finances
Across the CI V markets, natural gas prices fluctuated, leading to diverse movements in power prices. In the UK
and Taiwan, long-term power prices saw a slight increase, continuing the upward trend observed in previous
quarters. Conversely, short-term power prices in the US witnessed a slight decline.
Overall, inflation forecasts either remained stable or exhibited a marginal decline across various regions.
Specifically, headline short-term inflation expectations decreased in the UK, South Korea, Canada, and Australia,
while remaining stable in the rest of Europe, the US, and Taiwan compared to the previous quarter. Long-term
inflation projections remained unchanged. Overall, movements in inflation forecasts had limited impact on CI V’s
portfolio.
After a slight decrease in Q3 2024, interest rates fell further in Q4 2024. If this trend continues, CI V could benefit
from lower debt costs on upcoming FID projects. CI V maintains the option to proceed without leverage for these
projects if leverage is not beneficial to project economics.
The income from investments (Operating income) in 2024 amounts to USD (9)m and the Profit/(loss) for the
period amounts to a loss of USD (9)m. The loss is mainly due to negative FV adjustments in the current year.
Limited Partners’ paid-in capital to the Fund at the end of 2024 amounted to USD 25m. Net contributed capital
thus equals 25% of the committed capital of USD 100m. Accumulated net income at the end of 2024 amounted
to USD (9). Hereafter total Limited Partners’ capital at the end of 2024 amounted to USD 16m.
Uncertainty relating to recognition and measurement
CI V USD Feeder K/S develops and invests in infrastructure projects structured to provide stable cash flows, but
where transferability and cash flows to a certain extend still may be affected by changes in market conditions.
Consequently, the fair value of the investments is based on estimates and a number of assumptions made by the
General Partner on the balance sheet date.
Copenhagen Infrastructure V USD Feeder K/S | Management commentary 6
Information according to the Alternative Investment Fund Managers Directive
According to Article 22 of the Alternative Investment Fund Managers Directive, Alternative Investment Funds
(AIF) must make certain disclosures to investors in connection with the presentation of financial state-ments.
The fund is managed by Copenhagen Infrastructure Partners P/S.
During the financial period covered by the financial statements, there have been no significant changes in the
matters below:
The Fund’s Investment strategy;
Valuation principles of the Fund’s investments;
The percentage of the AIF’s assets which are subject to special arrangements arising from their illiquid nature;
New arrangements for managing the Fund’s liquidity;
The Fund's risk profile and the risk management systems implemented by the Fund Manager used to manage
the Fund's risks;
There have been no amendments to the maximum level of leverage which the Fund Manager can use on
behalf of the Fund. Nor has there been any changes in the right to use collateral or any guarantee accordance
with the agreement allowing for the leverage.
Events after the balance sheet date
No events have occurred after the balance sheet date to this date which would influence the evaluation of this
annual report.
Outlook
The outlook for the Limited Partnership depends on the results of the investments.
Expectations for the Limited Partnership are in general positive and the profit for 2025 is expected to be within
the range of that same of 2024. The expectations for 2025 are impacted by the continued turmoil in the financial
markets impacting the return requirements on invested capital .
Supplementary report on disclosures in accordance with SFDR
The financial product is classified as being a financial product referred to in Article 9(2) of Regulation (EU)
2019/2088 on sustainability related disclosures in the financial services sector, having a sustainable investment
objective.
The product level periodic disclosure – Annex V of the Regulation (EU) 2022/1288, is found in Appendix 1.
Copenhagen Infrastructure V USD Feeder K/S | Independent auditor's report 7
Independent auditor's report
Copenhagen Infrastructure V USD Feeder K/S | Independent auditor's report 8
Copenhagen Infrastructure V USD Feeder K/S | Independent auditor's report 9
CVR No. 33963556
Identification No (MNE) mne30131
Identification No (MNE) mne35823
Copenhagen Infrastructure V USD Feeder K/S | Statement of comprehensive income 10
Statement of comprehensive income
Notes
* 2024
USD'000
Net increase/(decrease) in unrealised gains/(losses) from financial assets at fair
value
(8,857 )
Operating income/(loss) (8,857 )
Administrative expenses 2 (148 )
Operating expenses (148 )
Operating profit/(loss) (EBIT) (9,005 )
Financial income 3 22
Financial expenses 4 (2 )
Increase / (decrease) in net assets attributable to Limited Partners (8,985 )
Comprehensive income (8,985 )
* This is the Fund’s first financial year and comprise the period 16.01.2024 - 31.12.2024
The notes form an integral part of these financial statements.
Copenhagen Infrastructure V USD Feeder K/S | Statement of financial position as at 31.12.2024 11
Statement of financial position as at
31.12.2024
Assets
Notes
* 2024
USD'000
Equity investments 5 15,818
Investments 15,818
Non-current assets 15,818
Cash and cash equivalents 27
Current assets 27
Total assets 15,845
* This is the Fund’s first financial year and comprise the period 16.01.2024 - 31.12.2024
The notes form an integral part of these financial statements.
Copenhagen Infrastructure V USD Feeder K/S | Statement of financial position as at 31.12.2024 12
Net assets and liabilities
Notes
* 2024
USD'000
Other payables 7 155
Current liabilities 155
Total liabilities (excluding Net Assets attributable to Limited Partners) 155
Net Assets attributable to Limited Partners 15,690
* This is the Fund’s first financial year and comprise the period 16.01.2024 - 31.12.2024
The notes form an integral part of these financial statements.
Copenhagen Infrastructure V USD Feeder K/S | Statement of changes in net assets attributable to the Limited Partners 13
Statement of changes in net assets
attributable to the Limited Partners
Limited
Partners
USD'000
Total
USD'000
Contributions from Limited Partners 24,675 24,675
Increase / (decrease) in net assets attributable to Limited Partners (8,985 ) (8,985 )
Net assets 31.12.2024 15,690 15,690
The investors have committed themselves to contributing up to EUR 0m to the Fund. At the investors
have contributed an amount of EUR 0m out of which EUR 0m has been distributed as recallable distributions,
causing the balance of undrawn commitment to stand at EUR 0m.
Distributions to Limited Partners comprise return of capital and realised gain.
Committed capital will be contributed to the Fund when capital is called to serve cost or to perform the
investment activity. The Commitments shall be honoured by payments by the Limited Partners on a pro rata
basis according to their respective Commitments into a Deposit Account of the Limited Partnership as and when
required by a written notice to the Limited Partners. Additional specific conditions for capital contributions or
recycling of distributions are laidout in the Limited Partnership Agreement.
Please refer to note 8 for further information regarding the rights, preferences and restrictions attached to the
commitment classes.
The notes form an integral part of these financial statements .
31.12.2024
Copenhagen Infrastructure V USD Feeder K/S | Statement of cash flows 14
Statement of cash flows
Notes
2024
USD'000
Operating profit/(loss) (EBIT) (9,005 )
Net increase/(decrease) in unrealised gains/(losses) from financial assets at fair
value through profit or loss
Change in payables 155
Received financial income 3 22
Paid financial expenses 4 (2 )
Cash flows from operating activities 27
Acquisition of equity investments 5 (24,675 )
Cash flows from investing activities (24,675 )
Cash flows from operating and investing activities (24,648 )
Contributions from Limited Partners 24,675
Cash flows from financing activities 24,675
Increase/decrease in cash and cash equivalents 27
Cash end of year 27
The notes form an integral part of these financial statements.
Copenhagen Infrastructure V USD Feeder K/S | Table of notes 15
Table of notes
1 Accounting policies
2 Administrative expenses
3 Financial income
4 Financial expenses
5 Investments
6 Limited Partnership capital
7 Other payables
8 Financial instruments
9 Financial risk management
10 Related parties
11 Contingent liabilities
12 Investors
13 Events after the balance sheet date
14 Authorisation of the annual report for issue
15 IFRS Accounting Standards to US GAAP
Reconciliation
Copenhagen Infrastructure V USD Feeder K/S | Notes to the financial statements 16
Notes to the financial statements
Accounting policies1
Reporting class
The financial statements are prepared in accordance with the IFRS Accounting Standards as adopted by the EU
and additional disclosure requirements of the Danish Financial Statements Act governing reporting class B
enterprises with addition of a few provisions for reporting class C.
The expected lifetime of the Limited Partnership is 15 years from the date of commence as set out in the Limited
Partnership Agreement. The Limited Partnership qualifies as an unregulated alternative investment fund in
compliance with the AIFMD.
This is the Fund’s first financial statements which comprise the periode from 16 January to 31 December, and
hence no comparative figures have been presented.
The financial statements are presented in , which is the functional currency of the Fund. USD
The financial statements are presented on the basis of going concern. Copenhagen Infrastructure V GP ApS will
provide any support necessary to ensure that the Limited Partnership will be able to meet its obligations in full
for a period of at least 12 months from the balance sheet dated 31.12.2023.
The financial statements are presented on the basis of historical cost. Historical cost is based on the fair value of
the consideration given in exchange for assets.
All amounts in the financial statements are presented in whole thousands.
Judgements made by the General Partner in the application of IFRS Accounting Standards that have had
significant effects on the financial statements are disclosed, where applicable, in the relevant notes to the
financial statements.
USD
Defining materiality
If a line item is not individually material, it is aggregated with other items and notes of a similar nature in the
financial statements or in the notes. There are substantial disclosure requirements throughout the IFRS
Accounting Standards. Disclosures required by the IFRS Accounting Standards are provided unless the
information is considered immaterial to the economic decisionmaking of the users of these financial statements
or not applicable.
The most significant accounting policies are set out below.
Standards and Interpretations not yet in force
All of the new and amended Standards and Interpretations which are relevant to the Fund, and which came into
force with effect for financial years beginning have been applied when preparing the financial
statements.
16.01.2024
Copenhagen Infrastructure V USD Feeder K/S | Notes to the financial statements 17
These standards have not had a significant impact on the Fund’s financial statements.
IFRS 18 Presentation and Disclosure in Financial Statements
In April 2024, the IASB issued IFRS 18, which replaces IAS 1 Presentation of Financial Statements.
IFRS 18 introduces new requirements to:
There are no other Standards, Interpretations or amendments to existing Standards that are not yet effective that
would be expected to have an impact on the Fund.
present specified categories and defined subtotals in the statement of profit and loss
provide disclosures on management-defined performance measures (MPMs) in the notes to the financial
statements
improve aggregation and disaggregation
IFRS 18 amendments are effective for reporting periods beginning on or after 1 January 2027, with earlier
application permitted. IFRS 18 will apply retrospectively.
It is expected that the application of these amendments may have an impact on the Fund's financial statements
in future periods.
There are no other Standards, Interpretations or amendments to existing Standards that are not yet effective that
would be expected to have a significant impact on the Fund.
Significant accounting judgment and estimates
As part of the preparation of the financial statements, the Fund Manager and the General Partner made
judgements and estimates which affect the application of the Fund’s accounting policies and the reported
amounts of assets, liabilities, income and expenses. None of these are considered significant.
Recognition and measurement
Assets are recognised in the balance sheet when it is probable as a result of a prior event that future economic
benefits will flow to the Fund, and the value of the asset can be measured reliably. Assets are derecognised in the
balance sheet when it is no longer probable that future economic benefits will flow to the Fund.
Liabilities are recognised in the balance sheet when the Fund has a legal or constructive obligation as a result of
an event prior to or on the balance sheet date, and it is probable that future economic benefits will flow out of
the Fund, and the value of the liability can be measured reliably. Liabilities are derecognised in the balance sheet
when it is no longer probable that economic benefits will have to be given up to settle the liability.
Financial assets are recognised at fair value through profit or loss when the Fund becomes party to the
contractual provisions of the instrument. Recognition takes place on the trade date when the Fund purchases or
sells an investment under a contract whose terms require delivery of the investment within the time frame
established by the market.
Financial assets are derecognised when the contractual rights to the cash flows from the investments have
expired or the Fund has transferred substantially all risks and rewards of ownership .
Copenhagen Infrastructure V USD Feeder K/S | Notes to the financial statements 18
On initial recognition, assets and liabilities are measured at cost. However, investment assets are measured at
fair value on initial recognition, typically equalling contributions and direct transaction costs. Subsequent to initial
recognition, all
financial assets at fair value through profit or loss are measured at fair value. Gains and losses
arising from changes in the fair value of the ‘
financial assets at fair value through profit or loss’ category are
presented in the statement of comprehensive income within net increase/(decrease) in unrealised gains/(losses)
from
financial assets at fair value at fair value in the period in which they arise.
Income is recognised in the statement of comprehensive income when earned, whereas costs are recognised by
the amounts attributable to this financial period.
All financial liabilities are subsequently measured at amortised cost.
Foreign currency translation
The functional currency re
flects the currency in which the Limited Partners have committed themselves to the
Fund as well as the currency in which the Fund pays the Fund Manager for carrying out investment related
services. The financial statements of the Fund are presented in the currency unit which is the Fund’s
functional and presentation currency.
On initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction
date. Receivables, payables and other monetary items denominated in foreign currencies that have not been
settled at the balance sheet date are translated using the exchange rate at the balance sheet date. Exchange
differences that arise between the rate at the transaction date and the rate in e
ffect at the payment date or the
rate at the balance sheet date are recognised in the statement of comprehensive income as
financial income or
financial expenses.
USD
Statement of comprehensive income
Operating income from investments
Operating income from investments consists of unrealised fair value adjustments, dividends, net foreign
exchange gains or losses related to investments and pro
fit or loss from the disposal of portfolio investments.
Administrative expenses
All expenses are recognised in the statement of comprehensive income on an accrual basis.
Administrative expenses comprise expenses incurred during the reporting period not directly related to the
Fund’s investment activities. The Fund pays the Fund Manager an annual fee for carrying out investment related
activities and administration. The fee is calculated in accordance with the criteria set out in the Limited
Partnership Agreement.
Administrative expenses that do not relate to the Fund’s investment activities or is investment speci
fic are
recognised as expense by the Fund. Such costs comprise among others
financial, legal and tax advisory, audit,
bookkeeping, travel costs and General Partner fee.
Financial income and expenses
Financial income and expenses comprise interest income and various expenses.
Taxation
Under current Danish law governing the Fund, it is not independently taxable because the Fund’s pro
fit/loss for
Copenhagen Infrastructure V USD Feeder K/S | Notes to the financial statements 19
the period is included in the Limited Partner’s taxable income.
Balance sheet
Investments
Financial assets and liabilities are recognised at fair value through profit or loss when the Fund becomes party to
the contractual provisions of the instrument. Recognition takes place on the commitment date when the Fund
purchases or sells an investment under a contract whose terms require delivery of the investment within the time
frame established by the market.
On initial recognition, from investments are measured at fair value and subsequently measured at fair value with
recognition of fair value adjustments through profit or loss.
Financial assets and liabilities are derecognised when the contractual rights to the cash flows from the
investments have expired or the Fund has transferred substantially all risks and rewards of ownership.
Investments consist of equity investments. Furthermore, investments consist of capitalised development costs,
which increase the fair value of the investments.
Capitalised development costs consist of expenses related to early-stage design and development of
infrastructure investments and primarily relate to advisory services provided to fund projects such as project
structuring, contracting, and derisking etc.
Investments consist of equity investments in a Holdco who holds debt investments to third parties.
The fair value is calculated equivalent to an estimated fair value that is determined based on market information,
IPEV Valuation Guidelines and generally accepted valuation techniques, including benchmarking, DCF, multiple or
other relevant methods, which are considered to provide the best estimate of the fair value.
For further information about the measurement of fair values, please refer to note 9.
Cash and cash equivalents
Cash comprises cash in bank deposits.
Other financial liabilities
Other financial liabilities are measured at amortised cost, which usually corresponds to nominal value.
Net assets attributable to Limited Partners
Net assets attributable to Limited Partners are classified as a financial liability under IFRS Accounting Standards,
due to the finite life and contractual payment provisions to each of the Limited Partners within the LPA.
Copenhagen Infrastructure V USD Feeder K/S | Notes to the financial statements 20
Cash flow statement
The cash flows statement of the Fund is presented using the indirect method and shows cash
flows from
operating, investing, and
financing activities as well as the Fund’s cash at the beginning and the end of the
financial period.
Cash flows from operating activities are calculated as the operating pro
fit/loss adjusted for non-cash operating
items and working capital changes.
Cash flows from investing activities comprise payments in connection with acquisition and divestment of
investment.
Cash flows from
financing activities comprise cash changes in the size or composition of the contributed capital
and cash payment of distributions to the Limited Partners.
Cash comprises cash in bank deposits.
Administrative expenses2
The Fund has no employes.
Administrative expenses include fee to administration, audit, advisors, and other professional fees.
According to Article 107 of the AIFMD Level 2 Regulation and paragraph 61 section 3 (5 and 6) of the Alternative
Investment Fund Managers etc. Act, alternative investment funds must disclose information about the total
remuneration of the entire sta
ff of the Fund Manager and the number of beneficiaries. Furthermore,
remuneration to material risk-takers must be disclosed.
The Fund Manager must also disclose the information necessary to provide an understanding of the risk pro
file
of the Fund and the measures that the Fund Manager takes to avoid or manage con
flicts of interest between the
Fund Manager and the Limited Partners. The Board of Directors has adopted a remuneration policy in order to
ensure that the employees and Management are remunerated according to the Danish Executive Order on
remuneration policy and disclosure requirements on remuneration for managers of alternative investment funds,
etc.
The remuneration policy ensures, among other matters, that the following is applied in relation to remuneration
at the Fund Manager:
Promoting of sound and e
ffective risk management, which does not encourage excessive risk-taking.
Consistency with the principles regarding the protection of the Limited Partners and measures in order to avoid
conflicts of interest.
In accordance with paragraph 61 section 3 (5 and 6) of the Alternative Investment Fund Managers etc. Act,
information regarding salaries paid to employees of the fund manager is disclosed in the Annual Report for 2024
for Copenhagen Infrastructure Partners P/S, Business Reg. No. 37994006.
Copenhagen Infrastructure V USD Feeder K/S | Notes to the financial statements 21
Financial income3
2024
USD'000
Interest income 22
Financial income 22
Financial expenses4
2024
USD'000
Other interest expenses and fees 2
Interest expenses for financial liabilities 2
Investments5
Equity
Investments
USD'000
Contributions 24,675
Fair value adjustments (8,857)
Fair value at 31.12.2024 15,818
For an overview of the investments made by the Fund refer to the table below. The portfolio investments as at
31.12.2024 are including the following investments.
Copenhagen Infrastructure V USD Feeder K/S | Notes to the financial statements 22
Investments
Corporate form Registered in
Equity
interest
%
Profit/(loss)*
USD'000
Equity*
USD'000
Portfolio
investment
Country Asset type
Initial date of
Investment
Copenhagen
Infrastructure V
SCSp Luxembourg 0.98 (185,521) 1,612,015 Fund Luxembourg N/A Q 2024
Based on
financial statements as at 31.12.2024 or latest available reporting.
Consistently with the accounting policies, the Fund regularly adjusts the value of the investments to best estimate of fair value. This means that the proportionate share of
pro
fit or loss of the investments is not recognised in profit or loss of the Fund, but rather a fair value adjustment of the investment.
The methods applied by the Fund to measure investments are evident from note 12 to the
financial statements.
Refer to financial statements for the master fund, Copenhagen Infrastructure V SCSp, for look-though to the
final investments
Copenhagen Infrastructure V USD Feeder K/S | Notes to the financial statements 23
Limited partnership capital6
The Limited Partnership capital is divided into Limited Partner shares and General Partner shares.
In accordance with the Limited Partnership Agreement, no carried interest is allocated at the Feeder level. Refer
to financial statements for the master fund, Copenhagen Infrastructure V SCSp, for principles and carried interest
allocation at the fund level.
Other payables7
2024
USD'000
Other payables 155
Other payables 155
The carrying amount of payables relates to legal fees, auditor’s fees, travel costs etc. The amount recognised is
equal to the fair value of the liabilities.
Other payables fall due for payment within 12 months.
Financial instruments8
Classes of financial instruments:
2024
USD'000
Equity investments 15,818
Financial assets measured at fair value through profit or loss 15,818
Other payables 155
Financial liabilities measured at amortised cost 155
All financial liabilities are due for payment within 12 months.
Financial risk management9
The General Partner is ultimately responsible for the overall risk management within the Fund but has delegated
the responsibility to the Fund Manager.
The Fund pursues an investment strategy approved by the Limited Partners and invests in both greenfield and
operating infrastructure asset.
The Fund’s risk management processes include identification, measurement, monitoring, reporting and
mitigation of the identified risks to minimise the potential negative effects at fund level.
Key financial risk factors and exposure regarding the financial statements for can be categorised as follows: 2024
Copenhagen Infrastructure V USD Feeder K/S | Notes to the financial statements 24
Financial risk factors
Liquidity risks
Less than 1
year
USD'000
Between 1
year and 5
years
USD'000
After 5 years
USD'000
Total
USD'000
Other payables 11,943 0 0 11,943
31.12.2024 11,943 0 0 11,943
The Fund manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing
facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of
financial assets and liabilities. In addition, the is in early-stage and foundraising will continue throughout the
coming financial year as well as future income from investments is expected to settle the outstanding amount.
The Fund's liquidity risk is considered insignificant based on the above explanation.
Credit risks
Credit risk is the risk that an issuer or counterparty will be unable or unwilling to meet a commitment that it has
entered into with the Fund. The credit risks of the Fund are considered limited.
The Fund's credit risk primarily arises from:
Cash at banks
Other receivables
Guarantees
The majority of the Fund’s receivable is receivables from investments which are measured at fair value and,
therefore, no provision for expected credit loss (ECL) is recognised. Historically, no losses on other receivables
have been realised, hence no provisions for expected credit loss have been recognised in the statement of com-
prehensive income. Any such provision would be considered insignificant as the credit risks of the Fund are
considered limited.
Management manages its credit risk exposure by transacting the majority of the Fund’s contractual commitment
activities with well-established banks, regulated exchanges and business partners which the Management
consider to be reputable.
Interest rate risk
The Fund has no long-term external debt at the balance sheet date and, therefore, no interest rate risk is related
to the liabilities.
Currency risk
The Fund is denominated in USD and a majority of cash flows take place in USD. However, the Fund has
Copenhagen Infrastructure V USD Feeder K/S | Notes to the financial statements 25
investment loans in other currencies. Consequently, the Limited Partner have very limited exposure to currency
risk through the Fund. No hedging is made at fund level. No derivatives have been recognised on the balance
sheet date in the Fund.
Related parties10
Related parties with a controlling interest
The Limited Partnership has no investors or related parties with a controlling interest.
Related party transactions
2024
USD'000
The General Partner receives a fee for its obligation towards CI V USD Feeder SCSp as per
limited partnership agreement
Payment to the General Partner 1
*Management Fee is paid through the investment, Copenhagen Infrastructure V SCSp.
There are no other key relationships, which are considered material to the financial statements.
Contingent liabilities11
The Fund Group has the following amounts commited to investments for which all participants to the Fund
Group, including the Partnership, are considered jointly and severally liable as of 31.12.2024:
The outstanding guarantees for the Alba LC, which amounts to EUR 19.7m
The outstanding guarantees for the Alcemi II LC, which amounts to GBP 1.1m
The outstanding guarantees for the Aomori South LC, which amounts to JPY 120m
The outstanding guarantees for the Elgin Energy LC, which amounts to GBP 100m
The outstanding guarantees for the Fengmiao LC, which amounts to EUR 29.1m
The outstanding guarantees for the Fengmiao PCG, which amounts to EUR 90.8m
The outstanding guarantees for the Fengmiao PCG, which amounts to USD 58.1m
The outstanding guarantees for the Goldedale BESS PCG, which amounts to USD 30m
The outstanding guarantees for the Liberty Wind LC, which amounts to USD 46.7m
The outstanding guarantees for the Panther Grove I LC, which amounts to USD 107.8m
The outstanding guarantees for the Panther Grove I PCG, which amounts to USD 341.3m
The outstanding guarantees for the Panther Grove II LC, which amounts to USD 69.2m
The outstanding guarantees for the Panther Grove II PCG, which amounts to USD 0.02m
Copenhagen Infrastructure V USD Feeder K/S | Notes to the financial statements 26
The outstanding guarantees for the Summerfield LC, which amounts to AUD 12.4m
The outstanding guarantees for the Summerfield PCG, which amounts to AUD 0.5m
The outstanding guarantees for the Scatter Wash LC, which amounts to USD 33.1m
The outstanding guarantees for the Thunderstorm PCG, which amounts to EUR 76.5m
The outstanding guarantees for the US Battery Storage Portfolio II LC, which amounts to USD 37.8m
The outstanding guarantees for the Other LC, which amounts to EUR 15m
The outstanding guarantees for the Other LC, which amounts to GBP 7.7m
The outstanding guarantees for the Other LC, which amounts to USD 5.5m
The outstanding guarantees for the Other PCG, which amounts to AUD 68.8m
The outstanding guarantees for the Other PCG, which amounts to JPY 481.5m
There are no other guarantees or contingent liabilities of the Fund.
No provisions for expected credit loss have been recognised. Please refer to note for further Information.9
Investors12
The Limited Partnership has registered the following Limited Partner as holding more than 5% of the voting rights
or nominal value of the contributed capital:
Limited Partner Residence Ownership percentage
Wittington Asset Management
Limited
22 St. Clair Avenue East,
Suite 1400, Toronto,
Onta M4T 2S5, Canada
100.00
Events after the balance sheet date13
No events have occurred after the balance sheet date to this date which would influence the evaluation of this
annual report.
Authorisation of the annual report for issue14
At the meeting held on 28 February 2025 the General Partner authorised this annual report for issue on 18 March
2025.
The annual report will be submitted to the Limited Partnership’s Limited Partners for adoption at the Annual
General Meeting on 18 March 2025.
IFRS Accounting Standards to US GAAP Reconciliation15
As described in note , these financial statements are prepared under the IFRS Accounting Standards and the
accounting policies herein.
1
Copenhagen Infrastructure V USD Feeder K/S | Notes to the financial statements 27
The General Partner have elected to include this note which reconciles between the amounts attributable to
Limited Partners’ Capital (per the Statement of financial position) and the gain / loss for the period at-tributable
(per the Statement of comprehensive income) and the equivalent amounts as determined un-der accounting
principles generally accepted in the United States of America (“US GAAP”) (assuming the application of the
Financial Accounting Standards Board Accounting Standards Codification Topic 946 Financial Services –
Investment Companies).
As at, and for the period ended, 31.12.2024 there were no differences between the amounts attributable to
Limited Partners’ Capital and the gain / loss for the period attributable to Limited Partners’ Capital under IFRS and
US GAAP. Inclusion of this note does not result in these financial statements constituting the full primary
statements and notes required to achieve a ‘fair presentation’ under US GAAP.
The Fund would be required under US GAAP to disclose its financial highlights. Financial highlights would consist
of operating expenses and net investment income / (loss) ratios for the year and the Internal Rate of Return since
inception ("IRR") for the different commitment classes, net of all fees and profit allocations (carried interest) to
the carry holders.
2024
USD'000
IFRS Net asset attributable to Limited Partners 15,690
US GAAP Net asset attributable to Limited Partners 15,690
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Appendix 1 - Supplementary report on
disclosures in accordance with the
SFDR
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