Copenhagen Infrastructure Partners (CIP) and Allianz Investment Management (AIM) have agreed to jointly conduct a feasibility study in respect of an artificial energy island in the German North Sea. The island is intended to be connected to large-scale offshore wind farms to cost-effectively deliver large-scale renewable energy to the German market.
The study is a response to the ambitious announcements made by the German government concerning an accelerated green transition, and the declaration from the May 18, 2022 summit between Germany, Denmark, Belgium and the Netherlands setting the course for regional cooperation aimed at exploiting the enormous potential of the Green Power Plant in the North Sea.
Germany has some of the best natural conditions in the world for offshore wind with a combination of high wind speeds and relatively low water depths. This creates attractive conditions for building large-scale offshore wind farms and artificial islands. The energy islands will allow to collect and utilize energy resources located in areas in the North Sea that are otherwise more difficult and more costly to access. Energy islands create an onshore environment at an offshore location which makes it possible to build cost-effectively electrical infrastructure and produce Green Hydrogen offshore – renewable energy that can be transported to demand centres in a cost optimised way.
If targets set for the green energy transition are to be achieved, the concept of energy islands is one of the most effective ways to ensure speed, volume and the production of renewables on a large-scale that can be integrated into existing energy grids. The power and Green Hydrogen from energy islands will be connected to the public grids in Germany to provide a sizeable contribution to domestic energy production and security of supply.
Energy islands and wind turbine marine structures will furthermore provide a contribution to biodiversity in the North Sea as these structures create artificial reefs offering shelter for multiple species.
CIP and AIM are eager to involve further German stakeholders into the potential development of the energy island and the connected offshore wind.
About Copenhagen Infrastructure Partners
Copenhagen Infrastructure Partners P/S is the world’s largest dedicated fund manager within greenfield renewable energy investments, and a leader in offshore wind globally. At COP26 CIP announced the ambition and a roadmap for increasing and accelerating its role in delivering on the energy transition by deploying EUR 100bn into green energy investments by 2030. CIP manages ten funds and has approx. EUR 18 billion of assets under management focused on investments in energy infrastructure, including offshore wind, onshore wind, solar PV, biomass and
energy-from-waste, transmission and distribution, reserve capacity and storage, and other energy assets like Power-to-X and advanced bioenergy. Today CIP’s funds have approximately 120 international institutional investors from the Nordics, Continental Europe, the UK, Israel, Asia, Australia, and North America and multilateral organizations e.g. EIB. CIP has approximately 300 employees and offices in Copenhagen, London, Hamburg, Utrecht, New York, Tokyo, Singapore and Melbourne. For more information on CIP, visit www.cip.dk.
About Allianz Investment Management
Allianz Investment Management SE is responsible for steering the investment of premiums earned by Allianz insurance companies worldwide in the life/health as well as the property/casualty segment. Hence, AIM turns premiums from insurance customers into investment returns and builds the bridge between the insurance and the capital market. The execution of the investments is performed by selected asset managers. AIM operates as a global network of local offices with approximately 500 employees. These offices are organized in regional hubs: Munich, Milan, Minneapolis, Paris and Singapore.
For further information, please contact:
Copenhagen Infrastructure Partners, Julie Drewes, Communication Officer, Phone: +45 60564829, Email: email@example.com