On behalf of Copenhagen Infrastructure II, Copenhagen Infrastructure Partners (CIP) has entered into a partnership with Newfoundland-based developer Beothuk Energy to develop the 180 MW St. Georges Bay wind farm, to be located off the coast of Newfoundland.
Until a power purchase agreement (PPA) has been secured, Beothuk Energy will continue to lead the development of the project. Once a PPA has been obtained, CIP will lead the project to financial close, as well as through the construction phase, in cooperation with Beothuk Energy.
Beothuk says it has secured approvals and significantly advanced the development of the project – to be Canada’s first offshore wind farm – since 2011.
The announcement is part of a larger agreement between Beothuk and CIP in which CIP will develop, own and operate wind farms in Atlantic Canada.
Beothuk says it is advancing projects totaling up to 1,000 MW in Newfoundland, Nova Scotia, New Brunswick and Prince Edward Island. According to the developer, the St. Georges Bay project will supply clean energy to more than 150,000 households, as well as create more than 500 jobs during construction.
Jacob Capital Management Inc., managed by Sasha Jacob, acted as the financial advisor to Beothuk Energy and is the exclusive financial advisor to Beothuk and the Beothuk projects. Norton Rose Fulbright is acting as Beothuk’s legal counsel.
“We are looking forward to participating in developing the St. Georges Bay project together with Beothuk,” said Christina Grumstrup Sørensen, senior partner at CIP. “We see significant potential for offshore wind in Atlantic Canada due to strong winds, shallow water and an existing industry with experience in working in an offshore environment since many years.”