CIP buys into German offshore grid connections
Infrastructure Partners (CIP) has expanded on its partnership with Dutch
transmission system operator TenneT Holding B.V. (TenneT). It concerns
a portfolio of four German offshore grid connections with a total transmission
capacity of around 2.8 GW.
The portfolio comprises the BorWin1,
transmission lines and converter stations, which were the first high voltage
direct current systems to connect offshore wind farms to the grid. All
have reached commercial operations, with some minor construction ongoing
to connect them to further wind farms.
The transaction was made via an acquisition by CI Artemis II K/S, advised
by CIP, of a minority stake in joint venture companies related to the operation
of the four grid connection systems. This investment is subject to the
same regulatory framework as the investment into the German offshore grid
connection system DolWin3, for which CI Artemis K/S entered into a related
joint venture with TenneT in 2014, on which WFW also advised CIP.
CIP was founded in 2012 by executives from the energy industry in cooperation
with PensionDanmark. It is a fund management company focused on energy
infrastructure including offshore wind, onshore wind, solar PV, biomass
and energy-from-waste, transmission and distribution, and other energy
assets like reserve capacity and storage. The company operates out of offices
in Copenhagen, the US, the UK, Germany and Taiwan.
CIP has invested in multiple offshore wind farms across Europe, including
which are being developer off the Taiwanese coast as well as Star
of the South;
the first offshore wind project being developed off the Australian coast.
Watson Farley & Williams (WFW) advised Copenhagen Infrastructure Partners
on on the expansion of its partnership with TenneT. The multi-disciplinary
WFW Germany team that advised CIP was led by Hamburg Corporate Energy Partner
and WFW Germany Head Dr Marcus Bechtel.