Aussie super fund buys into CIP's wind project off Victoria

Australian building and construction industry super fund Cbus Super has acquired a 10% stake in Copenhagen Infrastructure Partners P/S’ (CIP) Star of the South offshore wind project in Australia.

The acquisition follows Cbus’ investment into CIP’s Copenhagen Infrastructure IV fund, which is the majority owner of the offshore wind project, the firms said, without providing financial details.

The up-to-2.2-GW Star of the South project offshore Victoria is Australia’s first and most advanced offshore wind project. It is being developed by CIP and local Australian developers.

CIP and Cbus said their partnership is a sign of confidence in Victoria’s offshore wind sector. The state aims to deploy at least 2 GW of offshore wind capacity by 2032 and up to 9 GW by 2040. Star of the South, located off the south coast of Gippsland, alone is estimated to be able to provide up to 20% of Victoria’s electricity consumption or enough power for around 1.2 million homes.

“Combining CIP’s industrial background and international experience within offshore wind with Cbus’ local experience, our partnership will enable the provision of renewable power to Victorian homes and businesses and contribute to reaching Victoria’s decarbonisation targets,” said Michael Hannibal, partner at CIP.

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