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Copenhagen Infrastructure Partners (CIP), on behalf of its fund Copenhagen Infrastructure V (CI V), has signed an agreement to acquire full ownership of the Morecambe offshore wind project from COBRA Group and Flotation Energy, a subsidiary of TEPCO Renewable Power, Inc. The transaction will close once customary approvals and conditions are met. Financial terms of the deal are not disclosed, though Flotation Energy will continue to be involved as a development partner for the project.
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 proven track record in successfully developing renewable energy projects in the UK, and the acquisition of Morecambe further expands its UK development pipeline, which now exceeds 25 GW. This pipeline spans offshore wind, onshore wind, solar, BESS, and network infrastructure. With such a substantial portfolio, CIP is well-positioned to contribute significantly to the UK’s 2030 energy infrastructure investment goals.
In the UK, CIP has previously invested through its Flagship Funds in the operational Beatrice Offshore wind farm (588 MW, Scotland), and is currently developing the Pentland (100 MW) and Ossian (3,600 MW) floating offshore wind farms, both in Scotland.
The Morecambe project, a 480 MW fixed-bottom offshore wind farm located 30 km off the Lancashire coast in the Eastern Irish Sea, was secured in the UK Offshore Wind Leasing Round 4 in 2021, and consent applications have already been submitted. The project will be incorporated into CIP’s CI V flagship fund, which targets EUR 12 billion and invests in renewable technologies including wind, solar PV, and energy storage across Europe, North America, and Asia Pacific.
 acquires full ownership of the 480 MW Morecambe offshore wind project, expanding its UK development pipeline to over 25GW. The project is part of CIP’s flagship CI V fund, aimed at driving renewable energy investments across Europe, North America, and Asia Pacific){kind=link}