Copenhagen Infrastructure Partners (CIP) has agreed to acquire Morecambe, a 480MW fixed-bottom offshore wind project in the UK.
The project, located 30km offshore Lancashire in the eastern Irish Sea, is being acquired through CIP’s Copenhagen Infrastructure V (CI V) from COBRA Group and Flotation Energy, owned by TEPCO Renewable Power.
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Morecambe will become part of CIP’s CI V flagship fund, which targets a €12bn ($12.6bn) investment in renewable technologies.
Flotation Energy will continue as a development partner in the project after the transaction.
The financial details remain undisclosed, and the deal’s completion is contingent on customary approvals and conditions.
CIP partner Nischal Agarwal stated: “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 [contracts for difference] scheme, and key reforms aimed at speeding up planning and grid processes.”
The Morecambe project was secured in the UK’s Offshore Wind Leasing Round 4 in 2021, with consent applications already submitted.
CIP’s acquisition of Morecambe bolsters its UK development pipeline, now exceeding 25GW.
The pipeline includes offshore and onshore wind, solar, battery energy storage systems (BESS) and network infrastructure, aligning with the UK’s 2030 energy investment goals.
CIP’s previous UK investments include the operational 588MW Beatrice offshore wind farm and the ongoing development of the Pentland and Ossian floating offshore wind farms in Scotland with a capacity of 100MW and 3600MW, respectively.
