CIP plans to invest $115bn in renewable energy by 2030
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CIP plans to invest $115bn in renewable energy by 2030

02 Nov 2021 (Last Updated November 2nd, 2021 16:09)

CIP said that offshore wind assets will constitute a third of its entire project pipeline.

Danish investment firm Copenhagen Infrastructure Partners (CIP) has announced plans to invest €100bn ($115bn) in renewable energy by 2030.

The company said that the investment goal is ‘well-supported’ by a pipeline of renewable projects.

CIP made the announcement at the COP26 summit in Glasgow, Scotland.

CIP managing partner Jakob Baruël Poulsen said: “Our ambition is to reach €100bn in asset under management no later than 2030.

“We have already seen tremendous growth in our portfolio since our establishment eight years ago.

“Now, we have set the ambitious target of increasing our annual investments into new renewable energy projects to around €10bn on average between 2022 and 2030.

“In combination with financing from banks and partners, our average annual deployment will be almost €20bn a year during this period, resulting in significant CO₂ reductions.”

CIP said that a third of its pipeline will include offshore wind projects, with the remaining two-thirds consisting of solar photovoltaic (PV), onshore wind and other technologies.

These technologies include energy storage, energy islands, advanced biofuels, Power-to-X, power transmission and electrification projects.

Recently added to CIP’s portfolio are the Power-to-X projects, including the 1GW Hoest project in Denmark and the Murchison project in Australia, which has 5GW of capacity.

The company currently has a 30GW fixed-bottom and floating offshore wind project portfolio in Europe, Asia-Pacific, North America and other markets worldwide.

Its offshore wind project pipeline also includes the Vineyard Wind project in the US and other projects located in Japan, Korea and Taiwan.

Poulsen added: “We expect to continue to expand our activities both in scope and size, including traditional and floating offshore wind, Power-to-X, energy islands and other green technologies.”

In September, CIP and Avangrid Renewables announced a restructuring of their US-based offshore wind joint venture by exchanging ownership of their jointly owned assets.