CIP, Statkraft Partner for 2.2GW Offshore Wind in Ireland

Leading global renewable energy firm Statkraft has announced a major deal with Copenhagen Infrastructure Partners’ (CIP) fund Copenhagen Infrastructure IV K/S (CI IV) as the company looks to develop upto 2.2 GW of offshore wind in Ireland.

Statkraft said that CIP will acquire a 50% stake in its offshore wind portfolio in Ireland. It is yet to disclose the financial terms of the deal.

Statkraft said that 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 EUR 4 billion by both the entities by 2030.

David Flood, Head of Offshore Wind, Statkraft, said, “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.”

Nischal Agarwal, Partner, CIP, stated, “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, the Norwegian company says that its pursuing an industrial role in the North Sea and Ireland. Its taking part in two strong consortia pursuing bids to develop the first Norwegian offshore wind projects.

Gry J. Aamodt, Head of Offshore wind in Norway, Statkraft, said, “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 claims to be 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. Ireland wants to hit about 7GW of offshore wind energy target by the end of this decade.