Copenhagen Infrastructure Partners (CIP) will join NorSea and Parkwind in a partnership dedicated to floating offshore wind projects in Norway. The companies will initially target the Utsira Nord tender.
Norway has a target of reaching net zero by 2050 and has committed to establishing 30 GW of offshore wind power by 2040. The first tender round in 2023 includes the Utsira Nord area, which will initially offer 1.5 GW of capacity. The objectives stated publicly by the Norwegian government are to develop a competitive Norwegian supplier base, technology hub and industry around floating offshore wind.
The three companies stated that they will combine expertise in developing, financing, and constructing renewable assets to enter the Norwegian floating offshore market. Together they have experience from similar projects in Northern Europe and the rest of the world combined with a local presence, local knowledge, and ambitions to contribute to development of local value chains and industry.
“CIP, with their experience, forward-leaning renewable technologies, and financial capacity, will further strengthen our partnership and bring capabilities that will help ensure a high quality and competitive application and development of Utsira Nord. The inclusion of KLP as CIP’s strategic co-investor, further underlines the Norwegian position, and our main ambition to build a strong Norwegian industry developing offshore wind for the future”, said Kristin Gjertsen, CEO of NorSea Impact.
“We are very pleased to enter into this partnership with such capable and ambitious partners. It will substantially strengthen our foothold in Norway and provide us with a strong platform to aid the development and growth of the Norwegian offshore wind industry over the next decade as well as the creation of local industry, innovation, and local jobs,” said Nischal Agarwal, partner at CIP.
“The creation of this partnership is particularly exciting as it brings some of the most competent, relevant, and experienced industry players together. It represents a major step forward for the development of offshore energy in Norway. The combination of expertise and resources coming from this consortium is bound to lead to innovation, local value creation to the transition to a sustainable future”, said Mathias Van Steenwinkel, Head of M&A, Origination & Tenders at Parkwind.
“Investments in Norwegian offshore wind are in line with KLP’s long term strategy for sustainable investment. As a large Norwegian institutional investor, we are eager to help develop new sources of renewable energy that we expect will deliver attractive returns to our owners, mainly Norwegian public sector entities and their employees. We have for a number of years been a limited partner in CIP’s funds and we have strong confidence in them as a partner. With the addition of the other members of the consortium we think the group has a strong combination of technical, industrial, and financial capabilities. KLP has a goal of investing at least six billion Norwegian kroner in “green” investments annually. With this investment we hope to boost our initiatives to a new level,” said KLP’s CFO, Aage Schaanning.
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