Copenhagen Infrastructure V USD Feeder K/S
Gdanskgade 18, 12.
2150 Nordhavn
CVR No. 44568322
Aurore Perleau
Chairman of the General Meeting
Annual report 2025
The Annual General Meeting adopted the
annual report on 18.03.2026
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 31.12.2025 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 - Information according to the Alternative Investment Fund
Managers Directive (unaudited)
28
Supplementary report on disclosures in accordance with the SFDR
(unaudited)
31
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: - 01.01.2025 31.12.2025
Phone number: +47 70 70 51 51
URL: www.cip.com
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
Deloitte Statsautoriseret Revisionspartnerselskab
Weidekampsgade 6
2300 Copenhagen S
Denmark
3
The General Partner has today considered and approved the annual report of
(the “Fund” or “Limited Partnership”) for the
financial period - .
The annual report is presented in accordance with the IFRS Accounting Standards as adopted by the EU and
additional disclosure requirements of the Danish Financial Statements Act.
In our opinion, the fi
nancial statements give a true and fair view of the Fund’s
financial position at and
of the r
esults of its operations and the cash flows for the
financial period 16.01.2024 - .
We believe that the management commentary contains a fair review of the a
ffairs and conditions referr
ed to
therein.
Copenhagen Infrastructure V USD
Feeder K/S 01.01.2025 31.12.2025
31.12.2025
31.12.2025
Furthermore, the supplementary report has been prepared in accordance with the Sustainable Finance
Disclosure Regulation (SFDR) and contains a fair review of the a
ffairs and conditions referr
ed to therein.
We recommend the annual report for adoption at the Annual General Meeting.
Luxembourg, 27.02.2026
On behalf of Copenhagen Infrastructure V GP ApS
Thomas Hinrichsen Simon Kjær
Mads Skovgaard Andersen
Copenhagen Infrastructure V USD Feeder K/S | Statement by the General Partner on the annual report
Statement by the General Partner on
the annual report
Copenhagen Infrastructure V USD Feeder K/S | Management commentary 4
Management commentary
Financial highlights
2025
USD'000
* 2024
USD'000
Key figures
Operating profit/(loss) (EBIT) 11,085 (9,005)
Financial results, net 14 20
Increase / (decrease) in net assets attributable to Limited Partners 11,099 (8,985)
Net Assets attributable to Limited Partners 30,284 15,690
Total Assets 33,112 15,845
Ratios
Liquidity ratio (%) 90.21 17.53
Solvency ratio (%) 91.46 99.25
Return on equity (%) 48.28 (21.35)
* This is the Fund’s first financial period and comprise the period 16.01.2024 - 31.12.2024.
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 (%) Net assets x 100
Total assets
The Fund's financial strength
Return on equity (%) Profit of the period 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 2025, 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.
The Limited Partners receive an internal consolidated report in the Fund Group. The financial performance and
the results of the operations of the Fund should not be considered on a stand-alone basis but should be viewed
together with the performance and the results of operations of the other funds on a consolidated basis at Fund
Group level.
Copenhagen Infrastructure V USD Feeder K/S | Management commentary 5
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 2025, CI V
group had reached a final investment decision (FID) on 1 investment, Scatter Wash II. In addition to this
investments, CI V group has a number of investments under development, cf. note 5.
Scatter Wash II
Scatter Wash II is an in-construction 4-hour battery project in Arizona, US, in WECC, with a capacity of 255 MW.
The project will be financed through a combination of equity from CI V and the Tax Equity Partner, BNP Paribas,
as well as back-levered debt and is expected to reach Mechanical Completion in Q1 2026 and Commercial
Operations Date (COD) in Q2 2026.
Development in activities and finances
During Q4 2025, macroeconomic developments were modest and had no material impact on GAV:
• Power price movements were generally limited with no significant impact on the fund’s GAV.
• Inflation expectations in the US, Australia, UK and EU remained stable while expectations in Taiwan declined
slightly. Long-term inflation projections held steady across all markets.
• Interest and foreign exchange rates were largely stable across markets, leading to no significant impact on the
fund’s GAV.
CI V is generally well protected against market impacts as:
• CI V has signed long-term power purchase agreements (PPAs) on several projects e.g. 20 and 30-year off-take
on Panther Grove and Fengmiao, respectively.
• CI V hedges 90–100% of the interest rate risk under the project finance agreements (e.g. on Scatter Wash I-II
and Fengmiao)
• The CI V cash flows generally have a positive correlation with long-term inflation.
The income from investments (Operating income) in 2025 amounts to USD 11.2m (2024: (9)m) and the
Profit/(loss) for the period amounts to a gain of USD 11.09m (2024: USD (9)m). The gain is mainly due to positive
FV adjustments in the current year.
Limited Partners’ paid-in capital to the Fund at the end of 2025 amounted to USD 28m. Net contributed capital
thus equals 28% of the committed capital of USD 100m. Accumulated net income at the end of 2025 amounted
to USD 2.1m. Hereafter total Limited Partners’ capital at the end of 2025 amounted to USD 30.3m.
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.
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 being the primary activity.
The expectations for 2026 are impacted by the continued turmoil in the financial markets impacting the return
Copenhagen Infrastructure V USD Feeder K/S | Management commentary 6
requirements on invested capital.
Corporate social responsibility
An independently assured ESG Report for 2025 represents the Fund’s compliance with the statutory statement on
corporate social responsibility, gender composition of management, data ethics and diversity in accordance with
sections 99a, b and d of the Danish Financial Statements Act
The report is available on: https://www.cip.com/commitment/esg-reporting/ .
Gender diversity
Regarding the gender target requirement at the level of the Board of Directors, the highest management body in
the Fund is another company, and as such it is not possible to set target figures. Further, as there are no
employees in the Fund, there is no policy covering gender targets at other management levels.
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 provided for in this annual
report’s supplementary report on disclosures in accordance with the SFDR.
Copenhagen Infrastructure V USD Feeder K/S | Independent auditor's report 7
Independent auditor's report
To the shareholders of Copenhagen Infrastructure V USD Feeder K/S
Opinion
We have audited the financial statements of for the financial period
16.01.2024 - , which comprise the statement of comprehensive income, balance sheet, statement of
changes in equity, cash flow statement and notes, including a summary of significant accounting policies. The
financial statements are prepared in accordance with the IFRS Accounting Standards as adopted by the EU and
additional requirements of the Danish Financial Statements Act.
In our opinion, the financial statements give a true and fair view of the Fund’s financial position at and
of the results of its operations and cash flows for the financial period 16.01.2024 - in accordance with
the IFRS Accounting Standards as adopted by the EU and additional requirements of the Danish Financial
Statements Act.
Copenhagen Infrastructure V USD Feeder K/S
31.12.2025
31.12.2025
31.12.2025
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional
requirements applicable in Denmark. Our responsibilities under those standards and requirements are further
described in the "Auditor’s responsibilities for the audit of the financial statements" section of this auditor’s
report. We are independent of the Company in accordance with the International Ethics Standards Board for
Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical
requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with
these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
General Partner's responsibilities for the financial statements
The General Partner is responsible for the preparation of financial statements that give a true and fair view in
accordance with the IFRS Accounting Standards as adopted by the EU and additional requirements of the Danish
Financial Statements Act, and for such internal control as the General Partner determines is necessary to enable
the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the General Partner is responsible for assessing the Fund’s ability to
continue as a going concern, for disclosing, as applicable, matters related to going concern, and for using the
going concern basis of accounting in preparing the financial statements unless the General Partner either intends
to liquidate the Fund or to cease operations or has no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes
our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted
in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to influence the economic decisions of
users taken on the basis of these financial statements.
Copenhagen Infrastructure V USD Feeder K/S | Independent auditor's report 8
As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark,
we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the financial statements, whether due to
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence
that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a
material misstatement resulting from fraud is higher than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Entity’s internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by Management.
Conclude on the appropriateness of Management’s use of the going concern basis of accounting in
preparing the financial statements, and, based on the audit evidence obtained, whether a material
uncertainty exists related to events or conditions that may cast significant doubt on the Entity’s ability to
continue as a going concern. If we conclude that a material uncertainty exists, we are required to
draw attention in our auditor’s report to the related disclosures in the financial statements or, if such
disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence
obtained up to the date of our auditor’s report. However, future events or conditions may cause the
Entity to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures
in the notes, and whether the financial statements represent the underlying transactions and
events in a manner that gives a true and fair view.
We communicate with those charged with governance regarding, among other matters, the planned scope
and timing of the audit and significant audit findings, including any significant deficiencies in internal control
that we identify during our audit.
Statement on the management commentary and statement on the supplementary report provided for in
accordance with the Sustainable Finance Disclosure Regulation (SFDR)
The General Partner is responsible for the management commentary, as well as for the supplementary report on
disclosures in accordance with the Sustainable Finance Disclosure Regulation (SFDR), hereinafter referred to as
“the supplementary report”.
Our opinion on the financial statements does not cover the management commentary or the supplementary
report, and we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the management
commentary and the supplementary report and, in doing so, consider whether the management commentary
and the supplementary report is materially inconsistent with the financial statements, or our knowledge obtained
in the audit or otherwise appears to be materially misstated.
Moreover, it is our responsibility to consider whether the management commentary and the supplementary
Copenhagen Infrastructure V USD Feeder K/S | Independent auditor's report 9
report provides the information required under the Danish Financial Statements Act and the Sustainable Finance
Disclosure Regulation respectively.
Based on the work we have performed, we conclude that the management commentary and the supplementary
report is in accordance with the financial statements and has been prepared in accordance with the requirements
in the relevant law and regulations. We did not identify any material misstatement of the management
commentary or the supplementary report.
Luxembourg, 27.02.2026
Deloitte
Statsautoriseret Revisionspartnerselskab
CVR No. 33963556
Bill Haudal Pedersen
State Authorised Public Accountant
Identification No (MNE) mne30131
Michael Thorø Larsen
State Authorised Public Accountant
Identification No (MNE) mne35823
Copenhagen Infrastructure V USD Feeder K/S | Statement of comprehensive income 10
Statement of comprehensive income
Notes
2025
USD'000
* 2024
USD'000
Interest income 3 0
Unrealised gains from financial assets at fair value 11,219 0
Unrealised losses from financial assets at fair value 0 (8,857)
Operating income/(loss) 11,222 (8,857)
Administrative expenses 3 (137) (148)
Operating expenses (137) (148)
Operating profit/(loss) (EBIT) 11,085 (9,005)
Financial expenses 4 14 20
Increase / (decrease) in net assets attributable to Limited
Partners
11,099 (8,985)
Comprehensive income 11,099 (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 31.12.2025 11
Statement of financial position as at
31.12.2025
Assets
Notes
2025
USD'000
2024
USD'000
Equity investments 5 30,561 15,818
Investments 30,561 15,818
Non-current assets 30,561 15,818
Other receivables 6 2,549 0
Cash and cash equivalents 2 27
Current assets 2,551 27
Total assets 33,112 15,845
The notes form an integral part of these financial statements.
Copenhagen Infrastructure V USD Feeder K/S | Statement of financial position as at 31.12.2025 12
Net assets and liabilities
Notes
2025
USD'000
2024
USD'000
Other payables 8 2,828 155
Current liabilities 2,828 155
Total liabilities 2,828 155
Net Assets attributable to Limited Partners 30,284 15,690
Total Liabilities and Net Assets
attributable to Limited Partners
33,112 15,845
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
Net assets at 01.01.2025 15,690 15,690
Contributions from Limited Partners 3,495 3,495
Increase / (decrease) in net assets attributable to Limited Partners 11,099 11,099
Net assets 31.12.2025 30,284 30,284
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 USD 100m to the Fund. At the
investors have contributed an amount of USD 28m out of which USD 0m has been distributed as recallable
distributions, causing the balance of undrawn commitment to stand at USD 72m.
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 7 for further information regarding the rights, preferences and restrictions attached to the
commitment classes.
The notes form an integral part of these financial statements .
31.12.2025
Copenhagen Infrastructure V USD Feeder K/S | Statement of cash flows 14
Statement of cash flows
Notes
2025
USD'000
2024
USD'000
Operating profit/(loss) (EBIT) 11,085 (9,005)
Interest income (3) 0
Unrealised gains from financial assets at fair value (11,219) 0
Unrealised losses from financial assets at fair value 0 8,857
Change in receivables (2,549) 0
Change in payables 2,673 155
(13) 7
Paid financial expenses 4 14 20
Cash flows from operating activities 1 27
Acquisition of equity investments 5 (3,524) (24,675)
Distributions from equity investments 5 3 0
Cash flows from investing activities (3,521) (24,675)
Cash flows from operating and investing activities (3,520) (24,648)
Contributions from Limited Partners 3,495 24,675
Cash flows from financing activities 3,495 24,675
Increase/decrease in cash and cash equivalents (25) 27
Cash beginning of year 27 0
Cash end of year 2 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 Material accounting principles
2 Material accounting estimates, assumptions and
uncertainties
3 Administrative expenses
4 Financial expenses
5 Investments
6 Other receivables
7 Limited Partnership capital
8 Other payables
9 Financial instruments
10 Financial risk management
11 Financial instruments measured at fair value
12 Related parties
13 Contingent liabilities
14 Investors
15 Events after the balance sheet date
16 Authorisation of the annual report for issue
Copenhagen Infrastructure V USD Feeder K/S | Notes to the financial statements 16
Notes to the financial statements
Material accounting principles1
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.
Copenhagen Infrastructure V USD Feeder K/S is part of a Fund Group consisting of 12 funds.
The financial period runs from 1 January to 31 December each year. The accounting policies applied to these
financial statements are consistent with those applied last year, except for the first accounting period, which runs
from 16 January to 31 December.
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.
The financial statements are presented on the basis of historical cost convention, except for the investments,
which are measured at fair value through profit or loss. 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 decision-making of the users of these financial statements
or not applicable.
The material 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.
These standards have not had a significant impact on the Fund’s financial statements.
01.01.2025
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
Copenhagen Infrastructure V USD Feeder K/S | Notes to the financial statements 17
introduces new requirements to:
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 will 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.
Material 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. The most significant accounting judgements and estimates
are evident from note to the financial statements. 2
These judgements and estimates include considerations about the future - such as climate-related risks and
opportunities that may impact financial reporting. Actual results may differ from these estimates. All estimates
and underlying assumptions are reviewed on an ongoing basis and, where appropriate, reflect the Fund’s risk
management practices and climate-related commitments. Revisions to estimates are recognized prospectively.
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 .
On initial recognition, assets and liabilities are measured at cost. However, investment assets are measured at
Copenhagen Infrastructure V USD Feeder K/S | Notes to the financial statements 18
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 or financial liabilities 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 and liabilities 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 reflects 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. Investments are carried out in different currencies and hence considered less relevant in terms of
influencing the choice of functional currency. 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 effect 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
Revenue recognition
Interest on receivables from investments at fair value through profit or loss is accrued on a time-proportionate
basis. The interest is calculated based on outstanding amount.
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 profit 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.
Administrative expenses that do not relate to the Fund’s investment activities or is investment specific 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, and net exchange rate
adjustments on transactions in foreign currencies.
Copenhagen Infrastructure V USD Feeder K/S | Notes to the financial statements 19
Interest income and interest expenses are recognised on an accrual basis.
Taxation
Under current Danish law governing the Fund, it is not independently taxable because the Fund’s profit/loss for
the period is included in the Limited Partner’s taxable income.
Statement of Financial Position
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.
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,
DCF 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 .5
Other receivables
Other receivables relate to the Fund’s ordinary business activities and are mainly from other companies in the
Copenhagen Infrastructure Partners structure.
Other receivables are measured at amortised cost, usually equalling nominal value.
Cash and cash equivalents
Cash comprises cash in bank deposits. The balance of cash and cash equivalents in the statement of cash flows is
equal with the cash balance reported in the statement of financial position.
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,
Copenhagen Infrastructure V USD Feeder K/S | Notes to the financial statements 20
due to the finite life and contractual payment provisions to each of the Limited Partners within the LPA
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 profit/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.
Material accounting estimates, assumptions, and uncertainties2
The Fund develops and invests in infrastructure assets (unlisted equity investments), the market price of which
depends both on entity-specific affairs and market conditions, including power prices, commodity prices,
exchange rates and construction risks within the different investments. For further information about the impact
of accounting estimates on the annual report, please refer to the sensitivity analysis section in note 11.
Furthermore, the valuation and hence fair value of the long-term receivables are affected by changes in the risk-
free interest rate and the general cost of risk in the market. As a result, income from investments, including the
unrealised value adjustments and the fair value of investments are subject to estimation and uncertainty. For
further information about the financial risks related to the investments, please refer to note 10.
This uncertainty may be higher during periods of high volatility in the financial markets, and economic trends
affect earnings of the underlying companies as well. Furthermore, the uncertainty is affected by the construction
risk within the different investments, and the uncertainty related to the construction of the projects taking place
within relevant time frames or milestones.
The methods applied in and the assumptions underlying the determination of the fair value in unlisted equity
investments are described in note 11 to the financial statements.
Administrative expenses3
The Fund has no employes.
Administrative expenses include fee to administration, audit, advisors, and other professional fees. Management
fee is paid through the investment in Copenhagen Infrastructure V SCSp.
For further information about management fee, please refer to note 12.
Copenhagen Infrastructure V USD Feeder K/S | Notes to the financial statements 21
Financial expenses4
2025
USD'000
2024
USD'000
Net foreign exchange (gain)/loss (16) (22)
Other interest 2 2
Interest expenses for financial liabilities (14) (20)
Investments5
Equity
Investments
USD'000
Fair value at 01.01.2025 15,818
Acquisitions and development costs 3,524
Distributions (3)
Fair value adjustments 11,222
Fair value at 31.12.2025 30,561
Equity
Investments
USD'000
Acquisitions and development costs 24,675
Fair value adjustments (8,857)
Fair value at 31.12.2024 15,818
Other receivables6
2025
USD'000
2024
USD'000
Other receivables 2,549 0
2,549 0
The carrying amount of receivables relates to draw down receivables.
Limited partnership capital7
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 payables8
2025
USD'000
2024
USD'000
Other vendors and other liabilities 2,828 155
Other payables 2,828 155
Copenhagen Infrastructure V USD Feeder K/S | Notes to the financial statements 22
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. Please refer to management commentary for Parallel funds included in
the Fund Group.
Other payables fall due for payment within 12 months.
Financial instruments9
Classes of financial instruments:
2025
USD'000
2024
USD'000
Equity investments 30,561 15,818
Financial assets measured at fair value through profit or loss 30,561 15,818
Other receivables 2,549 0
Receivables measured at amortised cost 2,549 0
Other payables 2,828 155
Financial liabilities measured at amortised cost 2,828 155
All financial liabilities are due for payment within 12 months.
Financial risk management10
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:2025
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 2,828 0 0 2,828
31.12.2025 2,828 0 0 2,828
Copenhagen Infrastructure V USD Feeder K/S | Notes to the financial statements 23
Less than 1
year
USD'000
Between 1
year and 5
years
USD'000
After 5 years
USD'000
Total
USD'000
Other payables 155 0 0 155
31.12.2024 155 0 0 155
Liquidity risk is the risk that the Fund may not be able to generate sufficient cash resources to settle its
obligations in full as they fall due or can only do so on terms that are materially disadvantageous
The Fund invests in equity securities that are not traded in an organized market and may be illiquid. As a result,
the Fund may not be able to quickly liquidate its investments in these instruments at an amount close to their fair
value to meet significant unplanned liquidity requirements.
As of 31.12.2025, the Fund held USD 30.6m (31.12.2024: USD 15.8m) in investments that it considered to be
illiquid.
The Fund’s liquidity management is based on the maturity of assets, liabilities and undrawn commitment. Assets
mainly mature in more than 12 months, except for cash and cash equivalents and other receivables which are
expected to mature within 12 months. Other payables and credit facility liabilities are expected to mature within
12 months.
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
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 . A majority of cash flows take place in , however, the Fund has investment in other
currencies. Consequently, the Limited Partners are somewhat exposed to currency risk through the Fund. No
Copenhagen Infrastructure V USD Feeder K/S | Notes to the financial statements 24
hedging is made at fund level. No derivatives have been recognised on the balance sheet date in the Fund.
If the foreign exchange rates to which the Fund is exposed moved by +/- 10% the estimated effect on profit/loss
and equity would be as follows +/- 3m.
Financial instruments measured at fair value11
The fair value of the investments is measured on a quarterly basis, or more frequently if significant changes
occur.
The Fund Manager has implemented procedures and methodology to ensure that the valuation is carried out
consistently over time and across investments.
Methods applied in and assumptions underlying the determination of fair values of investments
The fair value of each investment has been estimated by applying methods that best reflect the risks and the
stage of each investment, e.g., assumptions related to power prices, inflation rates, technical availability and
discount rate.
In general, the fair value is determined in accordance with IPEV Valuation Guidelines and generally accepted
valuation techniques, including DCF models, benchmarking or other relevant methods. The valuation approach
incorporates all of the factors that market participants would take into account in pricing a transaction, such as
cash flows, discount rates and yield curves assumptions.
Fair value hierarchy for financial instruments measured at fair value in the balance sheet
Below, financial instruments measured at fair value are classified using the fair value hierarchy:
Quoted prices in active markets for identical instruments (Level 1)
Quoted prices in active markets for similar assets or liabilities or other valuation methods under which all
material inputs are based on observable market data (Level 2)
Valuation techniques under which any material inputs are not based on observable market data (Level 3)
All investments are classified as Level 3 investments and there have not been any transfers between the levels
during the financial year.
Material unobservable inputs for Level 3
Financial instruments measured at fair value in the balance sheet are based on valuation techniques that include
material unobservable input. Material unobservable inputs mean in this context that the valuation is dependent
on a return requirement that contains a number of components that cannot be observed on trading markets, for
example project-specific risks and illiquidity prices.
Level 1
USD'000
Level 2
USD'000
Level 3
USD'000
Total
USD'000
2025
Unlisted shares, equity investments 0 0 30,561 30,561
Financial assets measured at fair value
through profit or loss
0 0 30,561 30,561
Copenhagen Infrastructure V USD Feeder K/S | Notes to the financial statements 25
Level 1
USD'000
Level 2
USD'000
Level 3
USD'000
Total
USD'000
2024
Unlisted shares, equity investments 0 0 15,818 15,818
Financial assets measured at fair value
through profit or loss
0 0 15,818 15,818
Material unobservable inputs
Fair value of the assets is determined based on both forward-looking information, current market and
geopolitical conditions, actuals e.g., contributions and distributions etc. as well as status on the specific assets.
Valuations are conducted by an inhouse valuation expert team and approved quarterly in the Copenhagen
Infrastructure Partners Valuation Committee and subsequently by the Board of Directors as part of the quarterly
report. A number of material unobservable input is applied in the valuation and is ongoingly assessed on a on a
Fund specific level. An elaboration of the assessed material unobservable inputs is outlined below.
Discount rate
The discount rate used to value investments after COD is considered the most material unobservable input, and
the applied range for the discount rate is between 7-10% (2024: 12%-27%) for the investments in the master
fund, Copenhagen Infrastructure V SCSp.
Power prices
Power price forecast for future cash flows not covered by PPAs is based on the forward curve (Bloom-berg) for
the liquid time horizon interpolated to long-term power price forecast from 3rd party expert forecast providers
(e.g., ABB Ventyx, Pöyry, Baringa and Aurora). The reports on future power prices are applied in the DCF-model as
model input. An ongoing assessment of the power price providers and the reliability of their forecast is
performed. Where future cash flow is not either partly or fully covered by a PPA, fluctuating power prices
constitute an exposure for the project.
Inflation
Inflation forecasts are based on a combination of short-term data sourced from the Bloomberg Bank Composite
Inflation Tool combined with the long-term central bank forecasts (e.g., Bank of England, Federal Reserve Bank,
European Central Bank) for the countries from which materials are sourced, as well as data relating to specific
commodities. Changes to inflation are considered in determining the discount rates as the changes to inflation
can impact risk-free rate and through that the discount rate applied for the individual asset.
Yield/production
Capacity of the assets are based on the specifications of EPC contracts. Depending on the asset type, these
contracts cover e.g., turbine/panel supply and balance of plant agreements, supply agreements for turbines,
foundations, cables, substation, turbine & panel availability, electrolyser efficiency etc. Project availability is also
based on availability guarantees in O&M contract and/or 3rd party experts. Example of contractors are AWS, DNV
GL, Fichtner. Every element is considered to ensure high availability of each project to operating assets most
efficiently.
Sensitivity analysis
The fair value of the Fund’s investments is affected by developments in the applied discount rate and future
earnings expectations for these investments. A decline or increase in the material unobservable inputs stated
above and changes in macroeconomic conditions might have a direct effect on the valuation of the investments.
Due to the nature of the investments, the effects are subject to some uncertainty as other factors can in some
Copenhagen Infrastructure V USD Feeder K/S | Notes to the financial statements 26
scenarios have a reverse effect. It is the assessment that any reverse effect will be immaterial. The approximately
impact on the valuation of the asset is calculated by altering one input at a time and rerun the model. The change
in the valuation corresponds to a similar change in the Fund’s NAV. No sensitivity analysis has been made for
investments where Management has assessed the cost price as the best estimate of fair value.
Portfolio sensitivity Variable change in input
Approximately
impact on Fund
Yield / production (- / + 5%) (167,968) / 166,242
Power price (- / + 20%) (91,339) / 90,499
Inflation (- / + 1%-points) (117,605) / 145,839
Discount rate (+ / - 1%-points) (123,251) / 148,362
OPEX (+ / - 20%) (144,352) / 143,777
The inputs above are considered the most material unobservable input due to the nature of the investments. The
sensitivity analysis depicts the sensitivities for the underlying investments in Copenhagen Infrastructure V SCSp.
Related parties12
Related parties with a controlling interest
The Limited Partnership has no investors or related parties with a controlling interest.
Related party transactions
2025
USD'000
2024
USD'000
The General Partner receives a fee for its obligation towards Copenhagen
Infrastructure V GP ApS as per limited partnership agreement
Payment to the General Partner 1 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 liabilities13
The Fund has a remaining commitment of USD 42m to Copenhagen Infrastructure V SCSp and a remaining
commitment of USD #m to Copenhagen Infrastructure V US QFPF EUR SCSp.
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.10
Investors14
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:
Copenhagen Infrastructure V USD Feeder K/S | Notes to the financial statements 27
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 date15
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 issue16
At the meeting held on 27 February 2026 the General Partner authorised this annual report for issue on 18 March
2026.
The annual report will be submitted to the Limited Partnership’s Limited Partners for adoption at the Annual
General Meeting on 18 March 2026.
Copenhagen Infrastructure V USD Feeder K/S | Appendix 1 - Information according to the Alternative Investment Fund Managers
Directive (unaudited)
28
Appendix 1 - Information according to
the Alternative Investment Fund
Managers Directive (unaudited)
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 statements.
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.
Leverage Ratio
In accordance with the AIFM Law, the AIFM will for each fund provide to competent authorities and investors the
level of leverage of each fund both on a gross and on a commitment method basis in accordance with the gross
method as set out in Article 7 of the AIFM Law and the commitment method as set out in Article 8 of the AIFM
Law.
The leverage employed by the Fund as per 31 December 2025, was 109.3 % of the Fund’s net asset value based
on the gross method and 91.46 % of the Fund’s net asset value based on the commitment method.
Remuneration Copenhagen Infrastructure Partners P/S (Fund Manager)
According to Article 22 of the AIFM Directive, alternative investment funds must disclose information about the
total remuneration of the entire staff of the Fund Manager, Copenhagen Infrastructure Partners P/S (‘CIP P/S’) and
the number of beneficiaries, which is set out below.
Copenhagen Infrastructure V USD Feeder K/S | Appendix 1 - Information according to the Alternative Investment Fund Managers
Directive (unaudited)
29
2025
USD'000
Wages and salaries 131,261
Pension 7,345
Other social security costs 2,071
Share based payments 3,331
Staff costs 144,008
Average number of employees 441
Staff costs are not allocated to the individual funds, for which reason this information is not available.
Wages and remuneration to management
The Board of Directors and the Executive Board have received the following remuneration as part of their
employment with the CIP P/S:
2025
USD'000
The Executive Board 6,009
The Board of Directors 3,260
Staff costs 9,269
The individual remuneration to the Executive Board and the Board of Directors has been published separately on
the Copenhagen Infrastructure Partners website: https://www.cip.com/policies-investor-information.
No variable Board fee has been paid in 2025 to members of the Board of Directors.
No variable fee has been paid in 2025 to members of the Executive Board.
The Board of Directors consists of 4 persons (2024: 4). The Executive Board consists of 4 persons (2024: 3).
No carried interest is paid out by Copenhagen Infrastructure V USD Feeder K/S during the financial period. See
note 7.
Remuneration to other significant risk takers
There are no other significant risk takers in addition to the Executive Board of Copenhagen Infrastructure
Partners P/S.
Risk profile
The Fund Manager must also disclose the information necessary to provide an understanding of the risk profile
of the Fund and the measures that the Fund Manager takes to avoid or manage conflicts of interest between the
Fund Manager and the Limited Partners. The Board of Directors has adopted a remuneration policy which the
employees and Management are remunerated in accordance with.
The remuneration policy ensures, among other matters, that the following is applied in relation to remuneration
at Copenhagen Infrastructure Partners P/S, Business Reg. No. 37 99 40 06.
Copenhagen Infrastructure V USD Feeder K/S | Appendix 1 - Information according to the Alternative Investment Fund Managers
Directive (unaudited)
30
Promoting of sound and effective 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.
Copenhagen Infrastructure V USD Feeder K/S | Supplementary report on disclosures in accordance with the SFDR (unaudited) 31
Supplementary report on disclosures in
accordance with the SFDR (unaudited)
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