CIP acquired close to full ownership in the 4.2 GW subsea interconnector portfolio in late 2022 from UK developer Volta Partners
Copenhagen Infrastructure Partners interconnector portfolio in the North Sea takes a leap forward. (Credit: Антон Дмитриев on Unsplash)
Copenhagen Infrastructure Partners’ Flagship Fund’s interconnector portfolio has officially been included amongst the short-list of projects assessed for regulatory approval in the UK, in the so-called Third Cap and Floor Window.
CIP acquired close to full ownership in the 4.2 GW subsea interconnector portfolio in late 2022 from UK developer Volta Partners. The portfolio consists of three interconnector development opportunities connecting the UK with Denmark (Aminth), Belgium (Cronos), and Germany (Tarchon), respectively, expected to reach a final investment decision in 2026 and start of operations between 2030 and 2032.
All three projects received their UK interconnector licenses earlier this year and were officially included in the list of eligible Third Cap and Floor Window projects by the UK Office of Gas and Electricity Markets (Ofgem) on 24 February. The Projects will now progress through a more detailed financial and technical assessment with the Initial Project Assessment (“IPA”) award anticipated after the summer.
The Esbjerg Declaration of May 2022 underscored the need to make the North Sea a powerhouse of renewable energy. The four countries (Denmark, Belgium, Germany, and the Netherlands) pledged to expand the combined North Sea offshore wind capacity to 65 GW by 2030. To deliver on that pledge, it is critical to create a connected system throughout the region.
“Interconnectors play a critical role in enabling the energy transition, creating the flexibility to harness ever greater amounts of renewable energy, while ensuring energy security through a connected system. The North Sea is uniquely positioned with the potential to deliver much of Europe’s future power, and Aminth, Cronos, and Tarchon are key components to deliver on European energy policy objectives and help build out the full potential of the North Sea,” says Otto Jager, Partner at CIP.
Source: Company Press Release