CIP divests equity stake in the Beatrice Offshore Wind Farm

Copenhagen Infrastructure Partners (CIP), through the funds Copenhagen Infrastructure I K/S (“CI-I”) and Copenhagen Infrastructure II K/S (“CI-II”), is pleased to announce that it has entered into two agreements to divest the funds’ combined 35% stake in the Beatrice Offshore Wind Farm, operating in Scottish waters. The Renewables Infrastructure Group Limited and Equitix will acquire 17.5% each and join Beatrice Offshore Windfarm Ltd (BOWL) alongside SSE Renewables (40%) and Red Rock Power Limited (25%). Transaction closing, subject to standard transaction consents, is expected within the next month.

CIP has been involved with Beatrice for seven years. CI-I and CI-II entered the Beatrice project in 2014 and CIP contributed actively to the successful development, construction and operations phases in a great cooperation with the project partners SSE and RedRock Power.

The Beatrice project reached financial close in 2016 and achieved full commercial operations on time and within budget in May 2019 and was refinanced in July 2019.

Michael Hannibal, Partner in CIP, said: “CIP is pleased about the cooperation with our project partners SSE and RedRock and having successfully taken Beatrice through the full sequence of project phases; development, construction and operations. Jointly, the project partners have over the last seven years developed a high performing wind farm, including installed the world’s largest jacket foundations.”

Hannibal added: “The cutting edge Beatrice project has been an important project for CIP on the journey to today’s position as a market pioneer and global developer and asset owner spanning offshore wind farm activities across the US, EU, UK and Asia Pacific (including Taiwan, South Korea, Japan, Vietnam, and Australia). We are delighted applying our experienced offshore wind professionals, including extensive know-how in supply chain development, to support offshore wind being a part of the energy mix in major economies, supporting the green transition globally.”

The Beatrice wind farm, located 13km off the Caithness coast, Scotland, is the fourth largest offshore wind farm in the world and Scotland’s largest. The project’s 84, 7MW (588MW) Siemens Gamesa turbines are capable of delivering clean, renewable power to over 450,000 homes per year.

About Copenhagen Infrastructure Partners (CIP)
Copenhagen Infrastructure Partners (CIP) is a Danish fund management company focused on renewable energy infrastructure including offshore wind, onshore wind, solar PV, biomass and energy-from-waste, storage, transmission and distribution, Power-to-X and other energy assets. CIP has approximately 130 employees and offices in Copenhagen, New York, London, Hamburg, Utrecht and Tokyo.

CIP manages seven funds with around EUR 14 billion in commitment under management. The funds have made more than 20 investments in large scale energy infrastructure assets totaling almost 8 GW in capacity (including transmission projects) across the US, Canada, the UK, Germany, Spain, and Taiwan. In addition, more than 20 green-field energy infrastructure projects are in process to reach final investment decision and start of construction within the next 3 years. Investors in the funds include several blue-chip institutional investors from the Nordics, Continental Europe, the UK, Israel, Taiwan, Korea, Australia, and multilateral organizations e.g. EIB. The investors in CIP’s funds comprise mainly pension and life companies and large family offices

CIP was established in 2012 by senior executives from the energy sector in cooperation with PensionDanmark and is today a global leader, market pioneer and the largest financial sponsor with a dedicated energy infrastructure focus. In December 2020, Vestas acquired a 25% stake in the CIP parent companies and will get representation at the CIP Holding board maintaining unchanged fund management activities carried out by CIP.

For any further information, please contact:
Copenhagen Infrastructure Partners
Investor Relations – Kelly Bork
+45 70 70 51 51
ir@cip.dk