CIP Joins Beothuk on St. George’s Bay Project
- Business & Finance
Danish offshore wind investor Copenhagen Infrastructure Partners (CIP) has entered into a partnership with the Canadian-based developer Beothuk Energy to develop the 180MW St. George’s Bay project off the coast of Newfoundland.
Beothuk Energy will continue to lead the development until a power purchase agreement has been obtained.
After obtaining a power purchase agreement, CIP will lead the project to financial close and through the construction phase in cooperation with Beothuk Energy.
“We are looking forward to participating in developing the St. George’s Bay project together with Beothuk,” said Christina Grumstrup Sørensen, Senior Partner in CIP.
“We see significant potential for offshore wind in Atlantic Canada due to strong winds, shallow water and an existing industry with experience in working in an offshore environment since many years.”
Projects are being advanced by Beothuk in Newfoundland, Nova Scotia, New Brunswick and Prince Edward Island which could total over 1,000 MW when completed.
The St. George’s Bay project will supply clean energy to more than 150.000 households once constructed, create more than 500 jobs during the construction phase, Beothuk said.