Copenhagen Infrastructure Partners (CIP) has reached an agreement to acquire the 480MW Morecambe offshore wind farm from Cobra and Flotation Energy.
The Morecambe offshore wind farm, located approximately 30km off the coast of Lancashire, is currently under review by UK planners.
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The agreement is strategically set to bolster CIP’s presence in the UK’s renewable energy sector. The financial details of the deal have not been disclosed.
The transaction’s completion is subject to customary approvals and conditions. Flotation Energy will notably continue to contribute to the project as a development partner.
CIP boasts a history of developing renewable energy projects in the UK, including its role as a shareholder in the Beatrice offshore wind farm off the coast of Scotland.
The acquisition of Morecambe is expected to further expand CIP’s development pipeline in the UK, which now exceeds 25GW.
This pipeline encompasses a diverse range of renewable energy projects, including offshore wind, onshore wind, solar, battery energy storage systems (BESS), and network infrastructure.
Once the deal is completed, the Morecambe offshore wind farm will be incorporated into CIP’s CI V flagship fund.
Targeting a size of €12bn ($12.5bn), the fund invests in various renewable technologies such as wind, solar PV, and energy storage, with a geographical focus that spans Europe, North America, and the Asia Pacific region.
CIP partner Nischal Agarwal said: “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 [Contracts for Difference] scheme, and key reforms aimed at speeding up planning and grid processes.”
