Copenhagen Infrastructure Partners (CIP) today announced a partnership with Beothuk Energy Inc to develop the 180-MW St. George's Bay wind farm off the coast of Newfoundland in Canada.
Canada-based Beothuk will continue to lead the development of the project until the securing of a power purchase agreement (PPA). CIP will then lead the project to financial close and through the construction phase in cooperation with Beothuk Energy, the Danish fund manager said.
With the move, CIP is deepening its involvement in North America's fledgling offshore wind industry. Last month it acquired Offshore MW LLC, a company that holds an offshore wind energy lease for an area south of Massachusetts.
In a separate announcement, Beothuk said the parties have agreed to jointly develop, own and operate offshore wind farms in Atlantic Canada starting with the St. George's Bay project.
"CIP brings tremendous capabilities and experience to the table as well as capital to help us quickly become one of Canada’s leading wind power developers and the first with an offshore project," said Beothuk chief executive Kirby Mercer.
CIP senior partner Christina Grumstrup Sorensen said the fund manager sees significant potential for offshore wind in Atlantic Canada due to strong winds, shallow water and an existing industry with extensive offshore experience.