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NZ Super Fund and CIP explore offshore wind potential in New Zealand

By: Tom Russell 29/03/2022 NZ Super Fund

General Windfarms

NZ Super Fund and Copenhagen Infrastructure Partners (CIP) are working in partnership to explore the potential for large-scale offshore wind energy in the South Taranaki Bight. A newly established jointly held company will manage the feasibility study and development.

Subject to feasibility, an initial planned 1GW development would represent over 11 per cent of New Zealand’s current electricity demand capacity and could power over 650,000 homes. The partners believe the project could later expand to 2GW.

CIP and NZ Super Fund are in the early stages of project feasibility evaluation, which includes wind resource measurement, designing detailed environmental impact assessments with the support of local communities and experts, and examining industry potential and training needs for the Taranaki region. The partners will also focus on measures to ensure any project can coexist with other uses of the marine area.

According to the project partners, the success of offshore wind in South Taranaki will require active engagement and partnering with a wide variety of key stakeholders, including local iwi, businesses and communities. The partners stated they have had positive initial discussions and look forward to furthering the relationships with iwi and other stakeholders as early feasibility work continues.

NZ Super Fund CEO Matt Whineray said: "We are in the unique position of being able to attract best-in-class global partners on infrastructure developments that create positive environmental and social outcomes while delivering financial returns for New Zealanders through the Fund. We are delighted to be working with CIP, a global leader in green energy transition.

“The climate crisis is driving a global shift in how countries produce energy. We are focused on opportunities that allow us to apply our long-term investment capital to support this shift and the Fund’s own public commitment to being net zero by 2050. While this proposal is still at a very early, exploratory stage, we are confident it could help New Zealand’s transition away from fossil fuels and towards home-grown clean energy.”

Should the project proceed, and subject to relevant regulatory approvals, CIP and NZ Super Fund could deliver power by the end of the decade.

Demand for electricity is expected to grow over the coming decades as New Zealand shifts from fossil fuel energy to renewable forms. The country is aiming for 100 per cent renewable energy by 2030. Electricity grid operator Transpower believes demand will grow from ~43 TWh today to 70 TWh by 2050, primarily from electrifying transport and process heat.

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NZ Super Fund and CIP explore offshore wind potential in New Zealand

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