UK Markets closed

Statkraft and Copenhagen Infrastructure Partners team up to develop 2.2GW of offshore wind in Ireland

Statkraft AS
Statkraft AS

(17 January 2023) Statkraft has announced a major deal with Copenhagen Infrastructure Partners’ (CIP) fund Copenhagen Infrastructure IV K/S (CI IV) as part of its plans to develop up to 2.2 gigawatts of offshore wind in Ireland.

This landmark partnership will see CIP acquire a 50% stake in Statkraft’s offshore wind portfolio in Ireland. The financial terms of the deal have not been disclosed.

The scope of the partnership includes the three phases of the North Irish Sea Array, or NISA, and the Bore Array. The proposed location for NISA is off the coast of counties Dublin, Louth, and Meath, while the site of the Bore Array has been proposed for the Celtic Sea.

Developing and building these projects is expected to require an investment of more than €4 billion by Statkraft and CIP by 2030.

“The need for energy security and decarbonisation has never been as important, or urgent, as it is today. Ireland has a wealth of renewable energy resources right on its doorstep – energy that has largely remained untapped. Statkraft and CIP will now work together to bring that clean, green power to the Irish people,” said David Flood, Head of Offshore Wind at Statkraft.

“This deal marks a major development for Statkraft in Ireland as we scale up our offshore wind ambitions across Northern Europe. The country’s maritime area makes it ideal for large-scale offshore wind energy production – energy we can deliver in partnership with CIP. The company’s track record in offshore wind coupled with our development expertise will enable us to harness the energy of the wind in the Irish Sea to create a green energy system designed for a decarbonised future,” he added.

Nischal Agarwal, Partner in CIP, said: “We are very pleased to be entering the Irish offshore market and look forward to developing these exciting projects together with Statkraft. In combining CIP’s industrial background and international experience within offshore wind with Statkraft’s experience of Irish renewables, the partnership will enable the provision of renewable power to Irish homes and businesses and contribute to reaching the government’s ambitious decarbonisation targets.”

Within offshore wind, Statkraft is pursuing an industrial role in the North Sea and Ireland. This agreement is an important step in delivering on this ambition. Statkraft intends to play a major role in the development of an offshore wind industry in Norway. The company has ten years of experience from offshore wind in the UK and extensive expertise in developing and operating large renewable projects. Statkraft is taking part in two strong consortia pursuing bids to develop the first Norwegian offshore wind projects.

Gry J. Aamodt, Statkraft’s Head of Offshore wind in Norway, said: "The agreement and cooperation with CIP gives us access to expertise and experience from both bottom-fixed and floating offshore wind projects. The projects in Ireland will make us even better positioned for the development of both Sørlige Nordsjø II, Utsira Nord and future projects in Norway.”

Statkraft is Europe’s largest generator of renewable energy. The company entered the Irish market in 2018 and since then has almost tripled its workforce and tripled its development portfolio. A leading player in the Irish renewable energy market, it develops, owns, and operates renewable energy projects across the technologies of onshore wind, offshore wind, solar, battery storage and grid services.

ENDS

For further information, or to request an interview, please contact:

Geir Fuglseth, press contact, Statkraft AS
Tel: +47 913 70 572
E-mail: geir.fuglseth@statkraft.com

Gry Aamodt, Vice President Offshore Wind Nordics, Statkraft AS
Tel: +47 952 89 655
E-mail: gryjohanne.amodt@statkraft.com

Joanne O’Connor, Communications Manager, Statkraft Ireland
Tel: + 353 (87) 1898660
E-mail: joanne.oconnor@statkraft.com


Notes to Editor:

About Statkraft
Statkraft is a leading company in hydropower internationally and Europe’s largest generator of renewable energy. The Group produces hydropower, wind power, solar power, gas-fired power and supplies district heating. Statkraft is a global company in energy market operations. Statkraft has 5,000 employees in 20 countries. www.statkraft.com

About NISA
The North Irish Sea Array, also known as NISA, is an offshore wind energy project being proposed for an area off the coast of counties Dublin, Meath, and Louth. NISA was one of seven offshore renewable projects to be issued with a Maritime Area Consent by the Government in December 2022. A planning application for NISA is scheduled to be submitted this year, with commencement of operations anticipated for 2026.

About the Bore Array
The Bore Array is a proposed Phase 2 offshore wind farm in the Celtic Sea.

About Copenhagen Infrastructure Partners
Founded in 2012, Copenhagen Infrastructure Partners P/S (CIP) today is the world’s largest dedicated fund manager within greenfield renewable energy investments and a global leader in offshore wind. The funds managed by CIP focuses on investments in offshore and onshore wind, solar PV, biomass and energy-from-waste, transmission and distribution, reserve capacity, storage, advanced bioenergy, and Power-to-X.

CIP manages ten funds and has to date raised approximately €19 billion for investments in energy and associated infrastructure from more than 140 international institutional investors. CIP has approximately 400 employees and 11 offices around the world. For more information, visit www.cip.com