CIP to acquire Morecambe offshore wind project, strengthening UK renewable energy portfolio

Copenhagen Infrastructure Partners (CIP) is set to expand its footprint in the UK offshore wind sector with the acquisition of the 480MW Morecambe offshore wind project, further solidifying its role in advancing the country’s clean energy transition.

Denmark-based Copenhagen Infrastructure Partners, through its flagship fund Copenhagen Infrastructure V (CI V), has secured full ownership of the Morecambe offshore wind project, an advanced-stage fixed-bottom wind farm situated 30km off the Lancashire coast in the Eastern Irish Sea. The project is currently being developed by a joint venture between Zero-E Offshore Wind S.L.U. (Spain), owned by COBRA group and Flotation Energy Limited. The latter is a subsidiary of TEPCO Renewable Power, Inc.. The financial terms of the transaction remain undisclosed, and completion is contingent upon regulatory approvals and customary conditions. Despite the ownership transfer, Flotation Energy will continue to play a role in the project’s development.

How will the Morecambe offshore wind project impact UK renewable energy goals?

The acquisition of the Morecambe offshore wind project represents a strategic step for Copenhagen Infrastructure Partners, aligning with the UK’s target of delivering 43-50GW of offshore wind capacity by 2030. With a nominal capacity of 480MW, the wind farm is expected to generate sufficient electricity to power over half a million households, reinforcing the government’s commitment to achieving net-zero emissions.

The Morecambe offshore wind project originated from the UK Offshore Wind Leasing Round 4 in 2021, which saw the allocation of seabed leases to developers aiming to accelerate offshore wind deployment. The project has already progressed to the consent application phase, positioning it as a key contributor to the UK’s Clean Power 2030 Action Plan.

Nischal Agarwal, a partner at Copenhagen Infrastructure Partners, highlighted the project’s potential, stating that Morecambe’s advanced-stage development and strategic location make it well-suited to supporting the UK’s offshore wind ambitions. He also emphasized that Copenhagen Infrastructure Partners remains committed to fostering UK renewable energy expansion through large-scale investments enabled by the nation’s Contracts for Difference (CfD) scheme and ongoing grid infrastructure reforms.

What does the acquisition mean for Copenhagen Infrastructure Partners’ UK portfolio?

The acquisition of Morecambe offshore wind is part of a broader effort by Copenhagen Infrastructure Partners to expand its renewable energy presence in the UK. The company already has a strong track record in the country, with its UK development pipeline now exceeding 25GW across various renewable energy segments, including offshore wind, onshore wind, solar energy, battery energy storage systems (BESS), and grid infrastructure.

Previously, Copenhagen Infrastructure Partners, through its flagship funds, played a key role in financing and developing the 588MW Beatrice Offshore Wind Farm in Scotland, which is now operational. The company is also actively developing two large-scale floating offshore wind projects—Pentland (100MW) and Ossian (3,600MW)—both situated off the coast of Scotland.

By incorporating Morecambe offshore wind into its Copenhagen Infrastructure V fund, which targets a €12 billion investment in renewable technologies, CIP is strengthening its long-term commitment to expanding offshore wind energy across Europe, North America, and the Asia-Pacific region.

Why is offshore wind energy crucial for the UK’s energy transition?

The UK government has identified offshore wind energy as a cornerstone of its clean energy strategy, aiming to reduce reliance on fossil fuels and enhance energy security. With Morecambe offshore wind contributing 480MW of capacity, projects like this are instrumental in accelerating the transition towards a sustainable, low-carbon economy.

A key driver of offshore wind growth in the UK is the Contracts for Difference (CfD) scheme, which provides price stability for renewable energy developers while ensuring cost-effective power generation for consumers. The UK’s offshore wind sector is also benefiting from policy reforms aimed at streamlining planning processes and expediting grid connections, making it easier for projects like Morecambe offshore wind to move from development to operation.

What’s next for the Morecambe offshore wind project?

With the acquisition completed, Copenhagen Infrastructure Partners will focus on progressing the Morecambe offshore wind project through the remaining regulatory approvals and pre-construction phases. Flotation Energy, despite selling its stake, will remain involved as a development partner, ensuring that the project continues to advance according to plan.

As the UK works towards its 2030 offshore wind targets, Morecambe offshore wind is set to play a significant role in delivering clean electricity, reducing carbon emissions, and supporting the growth of the country’s renewable energy infrastructure. With Copenhagen Infrastructure Partners at the helm, the project is well-positioned to contribute meaningfully to the UK’s clean energy future.