CIP Buys Into Statkraft’s 2.2 GW Irish Offshore Wind Portfolio

January 17, 2023, by Adrijana Buljan

Copenhagen Infrastructure Partners’ (CIP) fund Copenhagen Infrastructure IV K/S (CI IV) and Statkraft have signed an agreement which will see CIP acquiring 50 per cent in Statkraft’s offshore wind portfolio in Ireland.

Illustration; Sheringham Shoal offshore wind farm; Photo source: Statkraft

Under the deal, the financial terms of which have not been disclosed, CIP will hold half of the stake in up to 2.2 GW of offshore wind projects, including the three phases of the North Irish Sea Array (NISA) and the Bore Array offshore wind farms, whose development and construction is estimated to require more than EUR 4 billion by 2030.

The North Irish Sea Array is proposed to be built at an area off the coast of counties Dublin, Meath, and Louth, and is one of the seven Irish Phase 1 offshore wind projects, which received Maritime Area Consent (MAC) in December 2022.

A planning application for NISA is scheduled to be submitted this year, with commencement of operations anticipated for 2026, Statkraft says.

The Bore Array offshore wind farm, planned to be built in the Celtic Sea, is a Phase 2 project.

“In combining CIP’s industrial background and international experience within offshore wind with Statkraft’s experience of Irish renewables, the partnership will enable the provision of renewable power to Irish homes and businesses and contribute to reaching the government’s ambitious decarbonisation targets”, said Nischal Agarwal, Partner at CIP.

For Statkraft, the two Irish projects, as well the new partnership with CIP, has a wider effect as the company says the projects in Ireland would better position it for realising its plans n Norway, where Statkraft is part of two strong consortia set to bid in the upcoming tenders.

Gry J. Aamodt, Statkraft’s Head of Offshore wind in Norway, said: “The agreement and cooperation with CIP gives us access to expertise and experience from both bottom-fixed and floating offshore wind projects. The projects in Ireland will make us even better positioned for the development of both Sørlige Nordsjø II, Utsira Nord and future projects in Norway”.