Copenhagen Infrastructure Partners (CIP) has acquired 50% of Statkraft’s offshore wind portfolio in Ireland in a deal that will see the two firms investing over €4bn to develop and build the portfolio.

CIP, on behalf of its €7bn Copenhagen Infrastructure IV (CI IV) fund, said it has acquired the stake in Statkraft’s 2.2GW wind portfolio which includes four early to mid-stage offshore wind development projects off Ireland’s east and southeast coast in the Irish Sea.

The North Irish Sea Array and Bore Array projects are expected to begin commercial operations in 2028 and are expected to be among the first commercial-scale offshore wind projects in Ireland.

Nischal Agarwal, a partner at CIP, said: “We are very pleased to be entering the Irish offshore market and look forward to developing these exciting projects together with Statkraft.

“In combining CIP’s industrial background and international experience within offshore wind with Statkraft’s experience of Irish renewables the partnership will enable the provision of renewable power to Irish homes and businesses and contribute to reaching the government’s ambitious decarbonisation targets.”

Kevin O’Donovan, a managing director at Statkraft Ireland, said: “This partnership brings together two industry heavyweights with the resources and expertise to harness the power of our offshore wind.

“While today’s deal is significant for Statkraft, it also signals a giant leap forward for the country. The clean energy we can deliver from these projects will not only power our own homes and businesses; it also has the potential to make Ireland a world leader in renewable energy exports.”

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