CIP launches new Australia investment platform after licences granted on 4.4GW of offshore wind
Star of the South wind farm could be onstream before the end of the decade, according to new CIP subsidiary
Flush with the granting of a major offshore wind licence in Australia, green investment giant Copenhagen Infrastructure Partners (CIP) has launched Southerly Ten, a dedicated platform company for the specialist development and delivery of offshore wind projects in that country.
CIP said its two project have the potential to deliver a combined 4.4GW of capacity, described as enough to power 2.4 million homes.
"CIP entered Australia in 2017 investing in the development of offshore wind and pioneering a new local industry. Southerly Ten demonstrates CIP’s ongoing commitment to unlocking the energy, climate and economic benefits of offshore wind in this market," the firm said in a statement.
CIP said Southerly Ten will lead the development and delivery of its Australian offshore wind portfolio, including two main projects – Star of the South and Kut-Wut Brataualung.
“CIP was a first mover in developing offshore wind in Australia and has been proudly working with local communities, government and industry to kick start an offshore wind industry,” said Jorn Hammer, partner and head of CIP Australia. “We are excited about the prospects of Southerly Ten to expand on CIP’s extensive global experience and expertise in offshore wind development.”
Southerly Ten will be headed by Charles Rattray, who has been CEO of Star of the South since August 2022.
“I am thrilled to lead Southerly Ten and build upon CIP’s efforts to establish an offshore wind industry in Australia and continue to grow its pipeline,” said Rattray. “Southerly Ten will make a significant contribution to Australia’s green energy transition while bringing economic and job opportunities to the regions.”
Southerly Ten describes the Star of the South — located off the coast of Gippsland — as Australia's "most advanced offshore wind project".
The project was conceived originally by Australian developers but has been pushed forward with investment from CIP and Australian pension fund Cbus Super. This wind farm is expected to start producing power before the end of the decade, earlier than rival projects off Gippsland.
Victoria state is pursuing a target of reaching 2GW of offshore wind capacity by 2032.
CIP said its Flagship Funds will provide capital for project development and underpin Southerly Ten's growth and, subject to investment decisions at the time, CIP said it also intends to provide the capital for project construction.
CIP was founded in 2012 and describes itself as the world’s largest dedicated fund manager within greenfield renewable energy investments and a global leader in offshore wind.
It manages 12 funds and has to date raised approximately €28bn ($29.9bn) for investments in energy and associated infrastructure from more than 160 international institutional investors.
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