Copenhagen Infrastructure Partners (CIP) set to invest $8.6 billion in offshore wind in Portugal

Renewable energy developer and fund manager Copenhagen Infrastructure Partners (CIP) plans to invest 8 billion euros ($8.6 billion) in a large offshore wind farm in Portugal that is preparing its first auction for such concessions.

CIP said it was aiming to create 2 gigawatt installed capacity at a wind farm called Nortada off the Atlantic coast of central Portugal, which would equal 20% of the country’s 2030 target for offshore wind power.

“We intend to place Portugal at the forefront of the energy transition around the world… Offshore wind has enormous potential for growth and evolution,” he said, citing “ambitions revealed by the Portuguese government” and the results preliminary discussions on the subject. as drivers of their interest.

Last week, Economy Minister Antonio Costa e Silva said Portugal’s powerful and long-lasting offshore wind potential was attracting investment intentions from a variety of large international companies.

The government launched a public hearing two weeks ago on proposals for the delimitation of areas off the country’s Atlantic coast where wind farms can be built, with the goal of 10 gigawatts (GW) of installed wind capacity by 2030.

CIP has more than 50 GW of offshore wind projects in its portfolio, in Europe and the United States.

European nations are betting on renewable energy, after natural gas prices hit record highs in 2022 following the invasion of Ukraine by Russia, which was Europe’s main gas supplier.

Offshore wind turbines have more full charge hours than onshore ones and should help Portugal achieve its decarbonisation targets.

Portugal aims to generate 80% of its annual electricity use from renewable sources by 2026, up from 60% in 2022, which was already one of the highest rates in Europe.