Flotation Energy will continue as a development partner in the project after the transaction.
Financial terms of the deal have not been disclosed, and its finalization depends on standard regulatory approvals and conditions. Nischal Agarwal, a partner at CIP, stated: “CIP is very pleased to acquire Morecambe – a fixed bottom offshore wind project of excellent fundamental qualities at an advanced stage of development, and well placed to contribute to the UK’s Clean Power 2030 Action Plan.” He added that the acquisition reflects CIP’s trust in the UK government’s target to expand offshore wind capacity by 2030, supported by the contracts for difference scheme and efforts to streamline planning and grid connection processes.
The Morecambe project was awarded in the UK’s Offshore Wind Leasing Round 4 in 2021, with consent applications already submitted for review. This acquisition strengthens CIP’s development portfolio in the UK, which now surpasses 25GW. The portfolio encompasses a range of projects, including offshore and onshore wind, solar power, battery energy storage systems, and network infrastructure, all of which align with the UK’s energy investment objectives for 2030.
CIP has prior experience in the UK renewable energy sector, with investments such as the 588MW Beatrice offshore wind farm, currently operational, and the ongoing development of the 100MW Pentland and 3600MW Ossian floating offshore wind farms in Scotland. The Morecambe project enhances CIP’s efforts to expand renewable energy capacity in the region, contributing to the broader goal of sustainable energy development. Through this acquisition, CIP aims to support the UK’s transition to cleaner energy sources while leveraging its expertise in large-scale renewables. The involvement of Flotation Energy as a continuing partner ensures continuity in the project’s progress toward completion.
