CIP Will Invest EUR 8 Billion In Offshore Wind Project In Portugal

The Copenhagen Infrastructure Partners (CIP) has said it looks to invest EUR 8 billion in a mega offshore wind energy project in Portugal.

According to reports, a spokesperson from the Denmark-based fund management firm CIP held that it will go for multi-billion investment in the Nortada offshore wind energy project. The wind project will be of a capacity of 2 GW and will be located off the Atlantic coast.

Michael Hannibal, a partner at CIP, held, “We are very pleased to enter and strengthen our foothold in Portugal’s ascending offshore wind market. The Nortada project holds significant potential and provides us with a strong platform to aid the development and growth of the Portuguese offshore wind industry as well as the creation of local jobs.”

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The offshore wind project of Nortada is expected to be a part of the 4 GW Figuera da Foz zone.  Figuera da Foz is also one of the five draft areas that have been identified by Portugal authorities for offshore wind development. Copenhagen Offshore Partners (COP) will be developing the wind energy project where CIP will invest.

Also, Portugal is expected to hold the country’s inaugural offshore wind projects’ auction in 2023 itself. It will be awarding up to 10 GW of capacity for development.

Portugal has one of the highest offshore wind energy potential in Europe. The Global Wind Energy Council (GWEC), the Ocean Renewable Energy Action Coalition (OREAC), and the Energy Sector Management Assistance Program (ESMAP) say that the European country has a potential of 131 GW of wind energy. Out of the total 117 GW potential is in floating wind and 14 GW in bottom-fixed.

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In January, Copenhagen Infrastructure Partners’ (CIP) fund Copenhagen Infrastructure IV K/S (CI IV) signed a deal with Statkraft for the development of upto 2.2 GW of offshore wind in Ireland with both entities having equal share in the portfolio.

Subsequently, CIP also partnered Amberside Energy to build a 2 GW of solar and battery storage projects in the United Kingdom (UK) to aid rapid expansion of renewables in the island country.