CIP Reveals Plans to Invest EUR 8 Billion in Wind Project Offshore Portugal

Contracts & Tenders

February 10, 2023, by Adnan Durakovic

Danish fund management company, Copenhagen Infrastructure Partners (CIP), said it plans to invest EUR 8 billion in a multi-gigawatt offshore wind project in Portugal.

A spokesperson for CIP confirmed to offshore WIND that the multi-billion investment is related to the project named Nortada.

The Nortada project is reportedly located off the Atlantic coast and will have a capacity of 2 GW.

”We are very pleased to enter and strengthen our foothold in Portugal’s ascending offshore wind market. The Nortada project holds significant potential and provides us with a strong platform to aid the development and growth of the Portuguese offshore wind industry as well as the creation of local jobs,” Michael Hannibal, a partner at CIP, said in a statement.

As reported earlier, Portugal plans to hold its first-ever offshore wind auction this year, offering up to 10 GW of capacity.

The Portuguese government has recently identified the draft areas which are to be offered in the first auction.

The Nortada project will reportedly be located in the 4 GW Figuera da Foz area, one of the five draft areas identified by the government. The project is being developed by Copenhagen Offshore Partners (COP).

According to estimations from the Global Wind Energy Council (GWEC), the Ocean Renewable Energy Action Coalition (OREAC), and the World Bank’s Energy Sector Management Assistance Program (ESMAP), Portugal’s offshore wind technical potential is 131 GW: 117 GW for floating wind and 14 GW for bottom-fixed.

Portugal already has a floating wind farm up and running, the 25 MW Windfloat Atlantic, which has been operational since July 2020, and the projects to be awarded through this upcoming auction are also expected to be those using floating wind technology.