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 480 MW fixed bottom offshore wind project located 30 km 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.
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 25 GW, 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.
Morecambe will become part of CIP’s CI V flagship fund which has a target fund size of €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.
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