2 minute read | June.18.2024
Copenhagen Infrastructure Partners (CIP) has sold a minority stake in its 100MW Pentland Floating Offshore Wind Farm off the coast of Scotland to Eurus Energy UK Limited (Eurus).
Orrick advised CIP.
Eurus has become a part owner of the project being developed by Highland Wind Limited, which is majority owned by Flagship funds managed by CIP, with Hexicon A/B as a minority shareholder.
CIP is the world’s largest dedicated fund manager within greenfield renewable energy investments and a global leader in offshore wind. CIP manages 12 funds and has raised approximately EUR 28 billion for investments in energy and associated infrastructure from more than 160 international institutional investors.
Eurus Energy Holdings Corporation, a parent company of Eurus Energy, established its wind power generation business in 1987. It operates in 15 countries and regions, with a concentration in Europe, the Americas, Asia-Oceania regions and Africa.
Once constructed, the Pentland Floating Offshore Wind Farm is estimated to provide green energy for almost 70,000 homes a year, approximately 65% of the homes in the Highland Council area. The wind farm will be located 7.5km off the coast of Dounreay in Caithness, Scotland.
It will showcase Stiesdal’s TetraSub floating structure technology, which is the world’s first fully industrialised floating offshore technology, with a foundation made up of factory-made modules.
Evan Stergoulis, Orrick partner, commented: "Pentland is a leading floating offshore wind project of scale. The lessons learned on such a project can only accelerate the whole industry. We are very pleased to again be involved in a first mover transaction in the global energy transition space".
Evan Stergoulis led the Orrick team that advised CIP, with support from Barry Cahill, Taylor Brien, Bethany Brabner and Milo Dunne.