Copenhagen Infrastructure Partners has signed a deal to acquire the proposed 480MW Morecambe offshore wind farm off north-west England from Cobra and Flotation Energy.
The financial terms of the transaction for the fixed-bottom Round 4 site have not been disclosed.
Closing of the transaction will follow customary approvals and conditions being met. Flotation Energy will remain involved as a development partner to the project.
Morecambe is located 30km off Lancashire and is currently before UK planners.
CIP partner Nischal Agarwal said the project has “excellent fundamental qualities” and is “well placed to contribute to the UK’s Clean Power 2030 Action Plan”.
“Our acquisition of the Morecambe project demonstrates CIP’s confidence in the delivery of the UK Government’s ambitious 2030 offshore wind target, as enabled by its world leading CfD scheme, and key reforms aimed at speeding up planning and grid processes.”
CIP has a long track record of constructing renewable projects in the UK, including being a shareholder on the Beatrice project (pictured) off Scotland.
The acquisition of Morecambe signals further growth for its UK development pipeline, which now stands at over 25GW, covering offshore wind, onshore wind, solar, BESS and network infrastructure.
Morecambe will become part of CIP’s CI V flagship fund which has a target fund size of €12 billion and invests in a range of renewable technologies from wind and solar PV to energy storage across Europe, North America and Asia Pacific.