Copenhagen Infrastructure Partners (CIP), through its Copenhagen Infrastructure V (CI V) fund, has signed an agreement to acquire full ownership of the Morecambe offshore wind project from COBRA Group and Flotation Energy, a subsidiary of TEPCO Renewable Power, Inc. The completion of the transaction is subject to customary approvals and conditions. The financial terms of the deal have not been disclosed. Flotation Energy will remain involved in the project as a development partner following the transaction.
A strategic project off the coast of Lancashire
The Morecambe project is a 480 MW fixed-bottom offshore wind installation located 30 km off the Lancashire coast in the eastern Irish Sea. The project lease was secured during the UK’s Offshore Wind Leasing Round 4 in 2021, and consent applications have been submitted.
Strengthening CIP’s UK portfolio
This acquisition marks a significant expansion of CIP’s development portfolio in the UK, which now exceeds 25 GW and includes offshore and onshore wind, solar, battery energy storage systems (BESS), and grid infrastructure projects. CIP previously invested in the operational Beatrice offshore wind farm (588 MW) in Scotland and is currently developing the Pentland (100 MW) and Ossian (3,600 MW) floating offshore wind farms, also located in Scotland.
The Morecambe project will be integrated into CIP’s flagship CI V fund, which targets a fund size of €12 billion and invests in various renewable technologies, including wind, solar photovoltaic, and energy storage, across Europe, North America, and the Asia-Pacific region.
