Copenhagen Infrastructure Partners (CIP), on behalf of its Copenhagen Infrastructure IV K/S fund, has acquired 50% of Statkraft A/S’ offshore wind portfolio in Ireland. Norway-based Statkraft, a European generator of renewable energy, is a developer and operator in Ireland. The financial terms of the transaction are not disclosed.
The acquired portfolio, with an expected capacity of 2.2 GW, includes four early- to mid-stage offshore wind development projects off Ireland’s east and southeast coasts in the Irish Sea. The projects involved are the North Irish Sea Array and the Bore Array, with a combination of fixed-bottom and floating offshore foundations.
Ireland has distinct geographical advantages for offshore wind development, with some of the highest average wind speeds in Europe and a vast maritime area. The Irish government has set a 2030 target of 7 GW of installed offshore wind, requiring rapid deployment and delivery of the currently most mature development projects, which includes the 500 MW flagship project in the portfolio, North Irish Sea Array I. NISA I is eligible to bid into the Irish government’s first Offshore Renewable Electricity Support Scheme auction (ORESS) in 2023.
The projects are expected to be among the first commercial-scale offshore wind projects in Ireland, with commercial operations expected to commence in 2028.
Statkraft and CIP expect to invest more than 4 billion EUR in the market before 2030. Their partnership enables Statkraft’s long-standing local presence in Ireland and CIP’s international offshore wind investment, development and construction experience to be fully utilized through a combination of an integrated organization in Ireland and CIP’s central teams.
As the exclusive offshore wind development partner to CIP, Copenhagen Offshore Partners will co-lead project development activities.