Cbus Super, an Australian superannuation fund, has acquired a 10 per cent stake in Copenhagen Infrastructure Partners’ (CIP) 2.2 GW Star of the South offshore wind project. This follows Cbus’ investment in CIP’s flagship fund, CI IV, which owns the majority stake in Star of the South. No financial details of the deal have been disclosed.
Star of the South will be constructed off the coast of Victoria’s Gippsland. Star of the South will be able to power almost 1.2 million homes and provide up to 20 per cent of the state’s power needs once it is completed. The project is expected to create new employment opportunities and promote new investment to the Gippsland region. The Star of the South project is expected to help Victoria reach its aim of creating at least 2 GW of offshore wind capacity by 2032 and up to 9 GW by 2040.
In May 2022, CIP announced plans to develop an artificial hydrogen island in the Danish North Sea by 2030. The BrintØ hydrogen island will be used primarily for large-scale green hydrogen production from offshore wind. The project will be developed on the Danish part of Dogger Bank in the North Sea and will be connected to a 10 GW offshore wind power project.
REGlobal’s Views: CIP is actively exploring offshore wind power opportunities across many markets. This 2.2 GW offshore wind project will solidify CIP’s position as one of the leading players in the Australian offshore wind market.