View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
June 2, 2022

Cbus acquires stake in CIP’s 2.2GW offshore wind facility in Australia

Once complete, the project would be able to power up to 1.2 million homes with clean energy in state of Victoria.

Australian superannuation fund Cbus Super has acquired a 10% stake in 2.2GW Star of the South offshore wind project from Copenhagen Infrastructure Partners (CIP).

Free Report
img

Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
by GlobalData
Enter your details here to receive your free Report.

The stake purchase follows Cbus’ investment into CIP’s flagship fund, CI IV, which owns the majority stake in Star of the South.

Financial details of the deal have not been disclosed.

Cbus chief investment officer Kristian Fok said: “Star of the South is a landmark investment for Australian superannuation into the local offshore wind sector.

“Cbus is excited to be partnering with CIP, one of the world’s largest and most successful developers of offshore wind, while helping to pioneer the offshore wind industry in Australia.

“Star of the South will support, establish and grow the offshore wind industry in Australia, while assisting the Victorian Government’s commitment to a net-zero emissions economy.” 

Claimed to be one of the most progressed offshore wind project in Australia, Star of the South will be located off the south coast of Gippsland in Victoria.

Once completed, Star of the South will have the capacity to power nearly 1.2 million homes and meet up to 20% of electricity requirements in the state.

The project is expected to create new employment opportunities as well as bring in in new investments in the Gippsland region.

Star of the South project is expected to support the State Government of Victoria’s target of creating at least 2GW of offshore wind capacity by 2032 and up to 9GW by 2040 and establishing a new clean energy sector in the state.

CIP partner Michael Hannibal said: “CIP is pleased to continue to strengthen our long-term partnership with Cbus, a superannuation fund that shares a similar perspective as CIP on the importance of clean energy resources.

“Combining CIP’s industrial background and international experience within offshore wind with Cbus’ local experience, our partnership will enable the provision of renewable power to Victorian homes and businesses and contribute to reaching Victoria’s decarbonisation targets. “The transaction highlights the significant potential of offshore wind in Australia, with the opportunity for Victoria to be a leader in the significant global growth of offshore wind.”

Related Companies

Free Report
img

Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
by GlobalData
Enter your details here to receive your free Report.

Topics in this article:
NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. The top stories of the day delivered to you every weekday. A weekly roundup of the latest news and analysis, sent every Wednesday. The power industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Power Technology