Vestas is to acquire a 25% stake in Copenhagen Infrastructure Partners (CIP) for €500m.
The interest will be in the form of an upfront payment of €180m and €320m as an earnout.
Vestas said the aim of the investment is to create value across a wider range of the renewable value chain.
The transaction is expected to be completed in the first quarter of 2021.
CIP said the transaction proceeds will be committed as re-investments into the company and new funds over the years to come to accelerate growth and innovation and increase co-investments.
It said part of the transaction proceeds to create and co-invest into a new Energy Transition Fund, which will be launched in the first half of 2021, to invest in technologies such as power-to-X.
December 18, 2020, by Adrijana Buljan
Copenhagen Infrastructure Partners (CIP) has invested in the development company 7 Seas Med, which has been developing a 250 MW floating wind project off the coast of Italy, in the Sicily Strait.
CIP, Nice Technology and 7 Seas Wind Power have joined forces to develop the wind farm, for which 7 Seas Med already filed a concession request, according to Green Giraffe, which acted as sole financial advisor to 7 Seas Med to raise equity and develop the 250 MW project.
As reported in July, 7 Seas Med requested a 30-year maritime state concession in the Sicilian Channel. According to the application document, the wind farm would comprise 25 wind turbines with an individual capacity of 10 MW, installed on semi-submersible TetraSpar floating foundations.
WindAction | Vineyard Wind is said to face lengthy delay after pulling permit windaction.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from windaction.org Daily Mail and Mail on Sunday newspapers.
By Jennifer A. Dlouhy and Will Wade (Bloomberg)
Vineyard Wind LLC’s decision to push back a permitting review of the $2.8 billion offshore wind farm it plans to build near Massachusetts could delay the project by more than a year, under a ruling by the U.S. Interior Department.
The department notified the developer Friday that it now considers the project’s application to be formally withdrawn and that any future effort to restart permitting would be treated as a new application, according to a Trump administration official, who asked not to be named detailing private correspondence.
It’s a blow for the 800-megawatt project, which was set to be the first large-scale wind farm in U.S. waters. Under the Interior Department’s interpretation, any new project application would have to restart an environmental review process that could span an additional six to 18 months. That analysis, however, would still be able to draw on work done this year.
Turbine blades ready soon: MHI Vestas
SHIPPING NEXT YEAR: Mature European technology would be used in the domestic production of equipment for Taiwan’s wind energy farms, the Danish company said
By Angelica Oung / Staff reporter
The first “Made in Taiwan” wind turbine blades would be ready for shipping in the third quarter of next year, Danish wind turbine manufacturer MHI Vestas Offshore Wind A/S said on Thursday.
Tienli Offshore Wind Power Technology Co’s (天力離岸風電科技) turbine blade factory in Taichung would be the first such manufacturing plant in the Asia-Pacific region outside of China, Bjarne Jorgensen, project director at MHI Vestas Offshore Wind Taiwan Ltd (台灣菱重維特斯離岸風電), told a news conference in Taipei.