Copenhagen Infrastructure Partners P/S (CIP) has taken a 50% stake in Statkraft A/S’ offshore wind portfolio in Ireland which includes four early to mid-stage projects with an expected capacity of 2.2 GW, the companies announced today.
The stake was acquired on behalf of CIP’s fund Copenhagen Infrastructure IV K/S in a deal with undisclosed financial terms.
The Danish fund manager and the Norwegian renewables generator will partner to develop the three phases of the North Irish Sea Array (NISA) off the coast of counties Dublin, Louth and Meath, and the Bore Array in the Celtic Sea. The pair expects to invest EUR 4 billion (USD 4.3bn) in the wind farms’ development and construction by 2030.
The flagship project in the portfolio is the 500-MW NISA I, which can participate in Ireland’s first Offshore Renewable Electricity Support Scheme auction (ORESS) in 2023.
The companies noted Ireland's geographical advantages to generate offshore wind power. “Ireland has a wealth of renewable energy resources right on its doorstep – energy that has largely remained untapped,” said David Flood, head of offshore wind at Statkraft.
With the partnership, CIP is entering the Irish offshore market. “In combining CIP’s industrial background and international experience within offshore wind with Statkraft’s experience of Irish renewables the partnership will enable the provision of renewable power to Irish homes and businesses and contribute to reaching the government's ambitious decarbonisation targets,” commented Nischal Agarwal, a partner in CIP.
Statkraft also said it aims to be an active player in the emergence of Norway’s offshore wind industry. The company is part of two consortia that will compete to develop the first offshore wind projects in the country.