- Morecambe is a 480MW advanced stage fixed bottom offshore wind project with good fundamentals and located off the west coast of England
Copenhagen Infrastructure Partners (CIP), on behalf of its fund Copenhagen Infrastructure V (CI V), has signed a transaction to acquire the full ownership of offshore wind project Morecambe from COBRA Group, and Flotation Energy, owned by TEPCO Renewable Power, Inc. Closing of the transaction will follow customary approvals and conditions being met. The financial terms of the transaction are not disclosed. Flotation Energy will remain involved after the transaction as a development partner to the project.
Morecambe is a 480MW fixed bottom offshore wind project located 30km from the Lancashire coast in the Eastern Irish Sea. The project lease was secured in the UK Offshore Wind Leasing Round 4 in 2021, and consent applications have been submitted.
Commenting on the acquisition, Nischal Agarwal, Partner at CIP, said: 'CIP is very pleased to acquire Morecambe – a fixed bottom offshore wind project of excellent fundamental qualities, at an advanced stage of development, and well placed to contribute to the UK’s Clean Power 2030 Action Plan. Our acquisition of the Morecambe project demonstrates CIP’s confidence in the delivery of the UK Government’s ambitious 2030 offshore wind target, as enabled by its world leading CfD scheme, and key reforms aimed at speeding up planning and grid processes.'
CIP has a long track record of successfully constructing renewable projects in the UK. The acquisition of Morecambe signals further growth for CIP’s UK development pipeline, which now stands at over 25GW, covering offshore wind, onshore wind, solar, BESS and network infrastructure. With a pipeline of this scale, CIP looks forward to making a substantial contribution to the UK’s 2030 objective for energy infrastructure investment.
In the UK, CIP has previously through its Flagship Funds invested in the now operational Beatrice Offshore wind farm (588MW, located in Scotland), and is currently developing the Pentland and Ossian Floating Offshore wind farms (100MW and 3600MW respectively, both located in Scotland).
Morecambe will become part of CIP’s CI V flagship fund which has a target fund size of EUR 12 billion and invests in a range of renewable technologies from wind and solar PV to energy storage across Europe, North America and Asia Pacific.
About Copenhagen Infrastructure Partners
Founded in 2012, Copenhagen Infrastructure Partners P/S (CIP) today is the world’s largest dedicated fund manager within greenfield renewable energy investments and a global leader in offshore wind. The funds managed by CIP focus on investments in offshore and onshore wind, solar PV, biomass and energy-from-waste, transmission and distribution, reserve capacity, storage, advanced bioenergy, and Power-to-X.
CIP manages 12 funds and has to date raised approximately EUR 32 billion for investments in energy and associated infrastructure from more than 180 international institutional investors. CIP has approximately 500 employees and 14 offices around the world. For more information, visit www.cip.com
Source: Copenhagen Infrastructure Partners
