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The Annual Report is prepared in accordance with the Danish Financial Statements Act. In our opinion, the Financial Statements and the Consolidated Financial Statements give a true and fair view of the financial position at 31 December 2021 of the Company and the Group and of the results of the Company and Group operations and cash flows for 1 January – 31 December 2021. In our opinion, the Management review includes a true and fair account of the matter addressed in the review. We recommend that the Annual Report be adopted at the Annual General Meeting.Copenhagen2022-06-23To the Limited Partners of AIP Infrastructure I K/SOpinionIn our opinion, the Consolidated Financial Statements and the Parent Company Financial Statements give a true and fair view of the financial position of the Group and the Parent Company at 31 December 2021, and of the results of the Group’s and the Parent Company’s operations as well as the consolidated cash flows for the financial year 1 January - 31 December 2021 in accordance with the Danish Financial Statements Act. We have audited the Consolidated Financial Statements and the Parent Company Financial Statements of AIP Infrastructure I K/S for the financial year 1 January - 31 December 2021, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies, for both the Group and the Parent Company, as well as consolidated statement of cash flows (“financial statements”).Basis for OpinionWe conducted our audit in accordance with International Standards on Auditing (ISAs) and the 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 our report. We are independent of the Group 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.Management is responsible for the preparation of Consolidated Financial Statements and Parent Company Financial Statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management 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, Management is responsible for assessing the Group’s and the Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Group or the Parent Company or to cease operations, or has no realistic alternative but to do so.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. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgment and maintain professional skepticism 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 Group’s and the Parent Company’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 Group’s and the Parent Company’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 Group and the Parent Company to cease to continue as a going concern. • Evaluate the overall presentation, structure and contents of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view. • Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the Consolidated Financial Statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. 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.Management is responsible for Management’s Review. Our opinion on the financial statements does not cover Management’s Review, 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 Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financials Statements Act. Based on the work we have performed, in our view, Management’s Review is in accordance with the Consolidated Financial Statements and the Parent Company Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement in Management’s Review.Hellerup2022-06-23Per Rolf Larssen Casper LarsenState Authorised Public Accountant State Authorised Public Accountant mne24822mne45855Primary activities The principal activities of the Company in the period under review were to own shares of: • NSI DK HoldCo GP ApS (100%) • NSI DK HoldCo K/S (99.97%) o North Sea Infrastructure AS (97.8%) ▪ Vestproces DA (23%) ▪ Nyhamna JV (13.7%) • AIP Blafa GP ApS (100%) • AIP Blafa Mezzanie K/S (99.97%) • AIP Blafa Equity K/S (99.97%) o Blakliden Fäbodberget Holding AB (30%) • AIP Zion Holding GP ApS (100%) • AIP Zion Holding K/S (99.89%) o AIP Zion Holding (US) GP (100%) o AIP Zion Holding (US) LP (100%) ▪ RE Cantua Holdings LLC (100%) • RE Floral Holdings LLC (100%) o RE Tranquility LLC (49%) ▪ RE Mojave Holdings LLC (100%) • RE Pelican Holdings LLC (100%) o RE Silverlake Holdings LLC (49%) ▪ AIP Zion Battery LLC (100%) • SP Solar Storage Development Holdings LLC (49%) • AIP El-Campo Holding GP ApS (100%) • AIP El-Campo Holding K/S (99.97%) o AIP El Campo Holding (US) GP (100%) o AIP El Campo Holding (US) LP (100%) ▪ El Campo Wind Renewables LLC (50%) ▪ AIP Prospero LLC (100%) • Prospero Renewables LLC (50%) ▪ AIP Little Bear LLC (100%) • Grandma Bear LLC (50%) Company’s Consolidated Income Statement of the Financial year 1 January – 31 December 2021 shows a result of TDKK 519,714 which is in line with the management’s expectations. Uncertainty in recognition and measurement It is assessed that there is no significant uncertainty in the recognition and measurement of financial figures. Principal risks and uncertainties The management does not see any special risks to the company in connection with the ownership of the shares in above companies’ projects in addition to the commonly occurring risks within the companies’ industry. Management sees no special risk of affecting the external environment in connection with the ownership of the shares in above companies and their projects. Changes to principal accounting policies There are no changes to principal account policies in 2021. Subsequent Events No subsequent events have occurred after the balance sheet date that required adjustment to or disclosure in the financial statements. Environment and Climate, Society, anti-corruption, human rights Environment and Climate The company has no independent policy for the environment and climate. The reason for this is that the company is a holding company whose purpose is to own investments and thus does not have an independent operation and direct impact on either the environment or the climate. It should be noted that the purpose of all companies' investments is to support the green transition and thus contribute to reducing total CO2 emissions. Society The company has no employees or in any other way influence on social or personnel conditions, which is why the company does not have a policy for this. Anti-corruption and human rights The company has no independent policy for anti-corruption and human rights. The reason for this is that the company is a holding company whose purpose is to own investments and thus does not have an independent operation and direct impact on either the anti-corruption or human rights. Report on data ethics Since the company has no employees and few stakeholders the Company has no policy on data ethics. The company still aims to be a digital responsible company so that our investors and collaborators can trust that the company treats data with respect and care. Management Policies As the company does not have its own policies for either Environment, and Climate, Society, Anti-corruption, Human rights or Data ethics the company relies on the policies drawn up by the funds administrator AIP Management P/S. All general matters concerning the External Environment, Corporate Social Responsibility, Management, the fight against corruption and respect for human rights are described in the AIP Management P/S’ ESGreport, which is available on AIP Management P/S' website. The ESG report covers all investments that are under the administration of AIP Management P/S, which is why it also applies to the group AIP Infrastructure I K/S. The ESG report describes how AIP Management P/S through their investments continuously works to reduce their climate footprint through e.g., sustainable investments, which includes the investments in the group AIP Infrastructure I K/S. The ESG report also contains thorough descriptions of how to take significant social responsibility, work to comply with current legislation and thereby fight corruption and respect human rights. The company has no employees, which is why reference is made to the overall management policies. Executive Board composition No policy or objective for the composition of the Board of Directors or the Executive Board, but the company complies with the legislation in force in the area at any given time.This annual report has been presented in accordance with the provisions of the Danish Financial Statements Act governing reporting class C enterprises (large). The accounting policies applied to group are identical to the rules applied to the parent. Consolidated financial statements The consolidated financial statement comprises the parent and the group enterprises that are controlled by the parent. Control of a subsidiary is achieved by the parent, either directly or indirectly, holding more than 50% of the voting rights or in any other way exercising controlling influence. Enterprises in which the group, directly or indirectly, holds between 20% and 50% of the voting rights and exercises significant, but not controlling, influence are regarded as associates. Basis of consolidation The consolidated financial statements are prepared based on the financial statements of the parent and its subsidiaries. The consolidated financial statements are prepared by combining uniform items. On consolidation, intra-group income, expenses, accounts and dividends are eliminated. The financial statements used for consolidation have been prepared applying the group accounting policies. Subsidiaries’ financial statement items are recognised in full in the consolidated financial statements. Changes to principal accounting policies No changes to the principal accounting policies are applied in 2021. An adjustment has been made to Equity at the beginning of the year relating to 2020 where a write-down of investment was unintentionally made in 2020. Refer to Statement of changes in equity. Presentation currency The reporting currency is Danish kroner. All amounts are in thousands of DKK. The exchange rates used as at 31. December 2021: EUR 746.65 (2020: 743.93), USD 656.12 (2020: 605.76), NOK 74.59 (2020: 70.53) was used where translation to DKK was needed. Recognition and measurement Revenue is recognized in the income statement as it is earned, including value adjustments of financial assets and liabilities measured at fair value or amortized costs. In addition, expenses incurred to achieve the year’s earnings are recognized, including depreciation, write-downs, provisions, and reversals because of changed accounting estimates of amounts previously recognized in the income statement. Assets are recognized in the balance sheet when it is probable because of a prior event that future economic benefits will flow to the company, and the value of the asset can be measured reliably. Liabilities are recognized in the balance sheet when the company has a legal or constructive obligation because of a prior event, and it is probable that future economic benefits will flow out of the company, and the value of the liabilities can be measured. At initial recognition, assets and liabilities are measured at cost. Subsequently, assets and liabilities are measured as described for each accounting item below. Recognition and measurements consider the gains, losses and risks that arise before the annual report is presented and which corroborates or invalidates conditions that existed at the balance sheet date. The group accounts are consolidated based on the subsidiaries individual accounts adjusted for any intercompany transactions and equity interest. Foreign currency translation Foreign currency transactions are translated at the exchange rate at the transaction date. Exchange rate differences arising between the exchange rate at the transaction date and the rate at the payment date are recognizes in the income statement as a financial item. Receivables, payables, and other monetary items in foreign currencies that have not been settled on the balance sheet date are translated at the exchange rate at the balance sheet date. The difference between the exchange rate at the balance sheet date and the exchange rate at the transaction date is recognized in the income statement as a financial item.Gross profit / loss Gross profit / loss is calculated with reference to §32 of the Danish Financial Statements Act as a summary of other external costs. Other external costs Other external costs include costs for administration, etc. Income from associated companies Dividend income from associated companies is presented in the Income statement in the year of which it was declared. Impairment Impairment adjustments in group and associated companies is presented in the Income statement in the year of which it was declared. Financial items Financial income and expenses include interest income and expenses, realized and unrealized gains and losses on debt, fair value of investments & loans and transactions in foreign currencies. Tax The company is not taxable independently, which is why the tax liability is incumbent on the company’s investors. As a result, no tax and deferred tax has been set aside in the accountsInvestments in financial assets Investments in subsidiaries and associates are recognized and measured at cost. If there is an indication of a need for impairment, an impairment test is performed. Where the carrying amount exceeds the recoverable amount it is written down to this lower value. Receivables Receivables are recognized and measured at amortized cost. If there is an indication of a need for impairment, an impairment test is performed. Where the carrying amount exceeds the recoverable amount it is written down to the lower value. Cash and cash equivalents Cash comprises cash in bank deposits. Cash and cash equivalents comprise cash and bank balances net of bank overdrafts. Equity Dividend distributions proposed by the management for the financial year are shown as a separate item under equity. Other Liabilities Expenses with reference to the fiscal year are accrued for. Cash flow statement Cash flow from operating activities includes all cash transactions other than cash flows arising from investments, received dividends, paid and received financial items and equity transactions. Cash flow statement is calculated based on the indirect method where the cash flow is based on the difference between year start and year end with adjustments for non-cash items.-23062000-25919000-25919000-13089000-183450001722870005477600070397830005702571000570257100063346650006115043000664991330005592526000Net ResultNet Result5197140003779230000.9450.9810.0780.0683440000233900000003827330000576149000423353000-9604000025974700000299783000278092000602651000451611000001788350005622900016853900054105000654800014530001890000131759000748436000478129000706100001820930002287220001002060000051971400037792300070610000182093000415002000402327000415002000402327000103100066500000103681000-25069000-344392000-220234000103682000-34439200041500200041500200010310000049332900004851221000549119500045284340000011503000055081000005606225000458351500049332900004851221000560622500045835150004933290000485122100000124703200012008090001228533000104940800000005649700060521000437900010529000030500012329120001059937000130352900012616350002006460005911900097847000218700014335580001119056000140137500012638220006360897000605401000067969840006332129000513570000-43641500000513570000-43641500000-224554000-25069000-564626000-220234000437300032280000066542850005595754000623235700061118950006054010000633212900063608970006796984000-43641500005135700000-25069000-220234000-224554000-5646260000032280004374000559575400061118950001150300005508100000115030000550810000027046800051736000102308000314800027046800051736000102308000314800038549800010681700010230800031480007039783000570257100063346650006115043000464855000464855000216000465070000464855000157968000-939705000443717000-33802000010279000140550000150829000415002000415002000101000415103000415002000-666470000-517730000237649000-34037000090894000-4801770006697010005632923000Interests receivedInterests receivedDividend receivedDividend received75836000545910006026510004631390008786000-5115193000423007000402438000Capital injectedCapital injected46485500060569270004184800056544890001415270005911900059119000020064600059119000Wages and salaries -2,948 -2,010 - - Pensions -55 -42 - - Other social security expenses -424 -271 - - Other staff expenses -13 -16 - - Total staff expenses -3,440 -2,339 - -4400Interest from loans to group companies - - 65,616 52,479 Interest from loans to associated companies 75,836 54,591 - - Other financial income - 5 - - Exchange gains 102,999 1,633 102,923 1,626 Total financial income 178,835 56,229 168,539 54,105Other financial expenses -4,684 -1,453 -25 -12 Exchange loss -1,864 - -1,864 -131,746 Total financial expenses -6,548 -1,453 -1,890 -131,759Current tax for the year -225,039 -106,663 - - Adjustment previous years -3,683 6,457 - - Total income taxes -228,722 -100,206 - -Investment in group companies Costs at 1 January - - 4,851,872 - Additions in the year - - 464,802 4,851,872 Costs at 31 December - - 5,316,674 4,851,872 Impairment at 1 January - - -651 - Impairment in the year - - -382,733 -651 Impairment at 31 December - - -383,384 -651 Total investment in group companies - - 4,933,290 4,851,221 The company has investment in subsidiaries located in Denmark with approximately 99.9% ownership: • NSI DK Holding K/S • NSI DK Holding GP APS • AIP Blafa GP ApS • AIP Blafa Mezzanine K/S • AIP Blafa Equity K/S • AIP Zion Holding GP ApS • AIP Zion Holding K/S • AIP El-Campo Holding GP ApS (100%) • AIP El-Campo Holding K/S (99.97%) The detailed ownership structure is presented in the Primary activities section of the Management review Investment in associated companies Costs at 1 January 4,528,434 - - - Additions in the year 962,761 4,528,434 - - Costs at 31 December 5,491,195 4,528,434 - - Total investment in associated companies 5,491,195 4,528,434 - - Other long-term payables The provision of DKK 115 million in the company North Sea Infrastructure AS includes dismantling obligation, including removal of oil and gas installations. The Norwegian authorities and the OSPAR-Convention are used to determine the size of the obligation. The operator's estimates are used for determining the obligation. There is uncertainty about several of the factors including the removal method, technology, and time of removal. The removal obligation will be paid by the shippers who use the plant, and therefore a long-term receivable has also been recognized against the shippers at the same value as the company's obligation.Group and ownership relations The fund is owned by: • Pensionskassen for Sygeplejersker og Lægesekretærer, Tuborg Boulevard 3, 2900 Hellerup, CVR 71 97 15 11, Owner 36.92% • Pensionskassen for Socialrådgivere, Socialpædagoger og Kontorpersonale Tuborg Boulevard 3, 2900 Hellerup, CVR 71 97 43 16, Owner 21.00% • Pensionskassen for Sundhedsfaglige, Tuborg Boulevard 3, 2900 Hellerup, CVR 71 97 35 14, Owner 16.31% • Pensionskassen for Farmakonomer, Tuborg Boulevard 3, 2900 Hellerup, CVR 10 49 68 37, Owner 2.69% • PenSam Pension forsikringsselskab, Jørgen Knudsens Vej 2, 3520 Farum, CVR 14 63 89 03, Owner 23.07% Other related parties include: • AIP Infrastructure I GP ApS, 1130 Copenhagen, CVR: 41 26 84 17 Besides the investment transactions shown in the financial statement and general partner fee, there are no transactions with related parties. The Group is not part of any other consolidated financial statements.Cash flow statement – adjustments FX adjustment 12,017 - Impairment on Investments 382,733 - Dividends received -602,651 -463,139 Interests received -75,836 -54,591 Total adjustments -283,737 -517,730The company has no contingent liabilities apart from the liabilities already recognized in the balance sheet.