Copenhagen Infrastructure Partners Acquires 1400 MW Queensland RE Hub

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Copenhagen Infrastructure Partners (CIP), an investment firm that specialises in infrastructure investments, has confirmed that it has acquired the large-scale renewable energy hub called ‘Bowen Renewable Energy Hub’ in Australia’s Queensland. According to the company, the RE hub will also host a pumped hydro plant having a duration of 16-hours.

CIP has contracted with Australian developers Bowen River Utilities and Renewable Energy Partners to acquire clean energy projects. Bowen River Utilities has called the project the ‘largest renewable baseload energy project.’

The project will have a 750 MW pumped hydro energy storage (PHES) plant and host solar power, wind power and hydrogen electrolyser projects in the same location. CIP and other players have not disclosed the value for the solar, wind and electrolyser although Bowen River Utilities had stated that the renewable energy hub will have a total generation capacity of 1,400 MW.

CIP mainly delves into investing in offshore wind projects. It has acquired the Queensland RE hub through its EUR 7 billion CI IV Fund. CIP may rename it as ‘Capricornia Energy Hub.’

Jørn Hammer, Australia Head for CIP, said, “We are excited about adding pumped hydro to CIP’s existing pipeline of onshore wind and battery energy storage in Queensland which we consider one of the best places in Australia to invest in clean energy.”

Queensland is making some good moves on the decarbonisation of the state’s economy as it aims at achieving the renewable energy target of 70% by 2032 and 90% emissions reduction by 2035. Currently, the state has 21% of its power coming from renewable sources. Besides, it has also unveiled The Queensland Energy and Jobs Plan which sets sights on a new renewable energy target of 70% by 2032 and 80% by 2035.

Queensland–owned power firm CS Energy inked a Memorandum of Understanding for the Bowen/Capricornia project that CIP had acquired. The government company delves in power supply to large industrial customers and government entities. The Copenhagen based entity also said that CS Energy may also enter into equity funding and project operations with regards to the renewable energy project.

Andrew Bills, CEO, CS Energy, said, “Pumped hydro energy storage is widely recognised as a crucial technology in Australia’s energy transformation because it can provide fast response power and is complementary to wind and solar.”