Wind Energy – Funding
Pentland Floating Offshore Wind Farm in Scotland, developed by funds managed by Copenhagen Infrastructure Partners P/S, announces investment from Great British Energy, National Wealth Fund and Scottish National Investment Bank each with the option to invest up to £50m.
Funding boosts the UK’s clean energy ambitions and energy security.
Pioneering facility will generate enough green electricity to power up to 70,000 homes, once operational.
The project, being developed by Highland Wind Limited, is majority owned by Copenhagen Infrastructure Partners P/S (CIP). It will use several innovative technologies to help accelerate the industrialisation of floating offshore wind (FLOW) while delivering significant benefits to the local economy. More than 1,000 jobs are expected to be created and supported throughout construction and operation.
This investment demonstrates how public finance institutions can work together to support early-stage technologies within the clean energy sector, aiming to crowd in private capital in support of the government’s growth and clean energy missions.
Nischal Agarwal, Partner in CIP, said: “Copenhagen Infrastructure Partners (CIP) is committed to playing a full role in helping to deliver the UK Government’s Clean Power 2030 vision, and we are delighted to welcome NWF, GBE and the Bank as new partners to our Pentland Floating Offshore Wind project. FLOW holds significant potential to innovate, reduce its technology costs, and establish a world leading UK supply chain capable of enabling scale-able low carbon power generation to meet future growth in electricity demand.
