Copenhagen Infrastructure Partners (CIP) has signed a transaction to acquire full ownership of the Morecambe offshore wind project from COBRA Group and Flotation Energy, owned by TEPCO Renewable Power, Inc.

According to CIP, Morecambe is a 480 MW fixed-bottom offshore wind project located 30 km off the coast of Lancashire in the Irish Sea. The project’s lease agreement was secured in the UK’s fourth round of offshore wind leasing in 2021, and consent applications have been submitted.

Morecambe will become part of CIP's flagship CI V fund, which has a target fund size of €12 billion and invests across a range of renewable technologies, from wind and solar PV to energy storage, in Europe, North America, and the Asia-Pacific region.

The transaction will close once approvals are obtained and customary conditions are met. The financial terms of the transaction have not been disclosed. Flotation Energy will continue to be involved post-transaction as the project’s development partner.

Nischal Agarwal, partner at CIP, stated, "We are very pleased to acquire Morecambe, a fixed-bottom offshore wind project with excellent fundamentals, in an advanced stage of development and well-positioned to contribute to the UK’s Clean Power Action Plan 2030. Our acquisition of the Morecambe project demonstrates CIP’s confidence in achieving the UK government's ambitious offshore wind target for 2030, supported by its world-leading CfD scheme and key reforms aimed at accelerating planning and grid processes."