Danish Copenhagen Infrastructure Partners (CIP), on behalf of its fund Copenhagen Infrastructure V (CI V), has signed a transaction to take full ownership of the Morecambe offshore wind farm from Cobra Group and Flotation Energy, owned by TEPCO Renewable Power.
The financial terms of the transaction are not disclosed. Flotation Energy will remain involved after the transaction as a development partner for the 480 MW project.
”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,” said Nischal Agarwal , Partner at CIP.
Morecambe is a 480 MW fixed-bottom offshore wind project located 30 kilometres 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.
Once fully operational, the wind farm is expected to produce enough renewable energy to power more than 500,000 homes in the UK.
When it comes to CIP, the acquisition of Morecambe signals further growth for the company’s UK development pipeline, which now stands at over 25 GW, including offshore and onshore wind, solar, BESS, and network infrastructure, according to CIP.
In the UK, the company has previously invested in the now operational 588 MW Beatrice offshore wind farm and is currently developing the 100 MW Pentland and 3,600 MW Ossian floating offshore wind farms, all located in Scotland.
“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.”