CIP Acquires 480MW Morecambe Offshore Wind Project

Copenhagen Infrastructure Partners (CIP) has reinforced its foothold in the renewable energy market in the UK after it acquired the 480MW Morecambe offshore wind scheme. The development, which was 30 kilometers off the Lancashire coast of the Eastern Irish Sea, had earlier been developed by COBRA Group and Flotation Energy, a unit of TEPCO Renewable Power, Inc. The purchase was achieved by CIP through its Copenhagen Infrastructure V (CI V) fund and should improve the group's renewable pipeline in the UK, which has a current level of over 25GW. Although the value of the transaction is not detailed, the agreement is conditional upon normal approvals.

The Morecambe offshore wind project is being viewed as one of the most important assets of the UK's transition to clean energy, especially with the country proceeding with its Clean Power 2030 Action Plan. The project, secured in the UK Offshore Wind Leasing Round 4 back in 2021, is already well-advanced in its development stage with consent applications already filed. Morecambe will have a key part to play in developing the nation's offshore wind capacity, ensuring the UK is on track to achieve its aggressive renewable energy ambitions.

CIP's Senior Partner, Nischal Agarwal, stressed the strategic significance of the acquisition, adding that Morecambe is a premium, fixed-bottom offshore wind scheme that fits the vision of clean energy growth at the company. With its development stage and robust fundamentals, the project is set to make a substantial contribution to the UK renewable energy sector. The acquisition is a testament to CIP's ongoing commitment to investing in green infrastructure and growing its portfolio of offshore wind developments in the country.

CIP has a proven track record of investing in UK offshore wind projects, with a number of high-profile investments. The firm was a leading participant in the construction of the 588MW Beatrice Offshore Wind Farm, Scotland's largest onshore operational wind farm. Further, CIP is currently involved in other significant offshore wind developments, such as the 100MW Pentland and the giant 3,600MW Ossian Floating Offshore Wind Farm in Scotland. These investments reflect CIP's long-term approach to facilitating the UK's low-carbon transition by investing in large-scale renewable energy projects.

The Morecambe project will be part of CIP's CI V fund, a flagship investment fund dedicated to investing EUR 12 billion in renewable energy technologies like offshore wind, solar photovoltaic (PV), and energy storage. The fund seeks to speed up the world's transition to clean energy by investing in large-scale projects in Europe, North America, and the Asia-Pacific region. The addition of Morecambe to the fund further enhances CIP's position as a market leader in offshore wind and reaffirms its dedication to advancing sustainable energy solutions worldwide.

In addition to its influence on CIP's portfolio, the Morecambe project is likely to bring wider economic and environmental benefits. Offshore wind farms of such magnitude are creating jobs, generating supply chains, and driving economic growth in local areas. Supporting the UK's increase in offshore wind capacity, Morecambe will help move away from the use of fossil fuels, reduce carbon emissions, and improve energy security. The integration of the project in the UK renewable energy mix also supports the ambition of the government to reach 50GW offshore wind capacity by 2030, cementing the leadership of the country in the global shift to clean energy.

In the future, the acquisition of Morecambe by CIP marks an important point in the scaling up of renewable energy infrastructure efforts by the company. As offshore wind remains at the forefront of decarbonizing the energy industry, projects such as Morecambe are crucial to delivering on climate targets and building a sustainable energy future. With CIP's experience and financial support, Morecambe is poised to become a leader in the UK's renewable energy strategy, helping to drive the nation toward a greener, cleaner economy.