CIP acquires half of Statkraft’s 2.2GW Irish offshore wind pipeline

Danish investment fund Copenhagen Infrastructure Partners (CIP) has acquired a 50% stake in Norwegian renewables developer Statkraft’s Irish offshore wind pipeline, with an expected capacity of 2.2GW.

by Killian Staines 17 January 2023

Ireland's only operating offshore wind project is Arklow Bank in the Irish Sea off the country's east coast (pic credit: SSE)

The portfolio comprises the three phases of the North Irish Sea Array (NISA) off the coast of counties Dublin, Louth and Meath, and the Bore Array project in the Celtic Sea in the south-east.

The 500MW Nisa 1 fixed-bottom project is eligible to compete in Ireland’s first offshore wind auction this year. The companies say they expect the portfolio to start generating power in 2028.

The 200MW Nisa Phase 2 project and the 500MW Bore Array will also be fixed-bottom, but the 1GW Nisa Phase 3 will use floating turbines, Statkraft said.

Ireland is due to have another two offshore wind auction rounds this decade. The companies did not specify whether the remaining three would take part in these auctions, but they said they expect to invest €4bn in the market before 2030.

The companies did not reveal the cost of the acquisition, which is subject to statutory approval.

Copenhagen Offshore Partners, the exclusive wind development partner to CIP, will co-lead project development activities, the companies said.

The partnership will combine “CIP’s industrial background and international experience within offshore wind with Statkraft’s experience of Irish renewables,” said Nischal Agarwal, partner at CIP.

Offshore wind “has the potential to make Ireland a world leader in renewable energy exports,” added Kevin O’Donovan, managing director of Statkraft Ireland.