Copenhagen Infrastructure Partners (“CIP”), through Copenhagen Infrastructure IV, and Cbus Super (“Cbus”) are pleased to announce the acquisition by Cbus of a 10% interest in CIP’s Australian offshore wind project, Star of the South. This follows Cbus’ investment into CIP’s flagship fund, CI IV. CI IV is the majority owner of Star of the South.
CIP specialises in energy infrastructure investments, being one of the largest developers of offshore wind projects globally. Cbus is Australia’s leading building and construction industry super fund.
Star of the South is Australia’s most progressed offshore wind project, to be located off the south coast of Gippsland in Victoria, with a capacity of up to 2.2 GW. The new partnership demonstrates confidence in Victoria’s offshore wind sector, with Star of the South forging the way for a new local industry to deliver a clean energy boost, create thousands of jobs and reduce carbon emissions.
Star of the South aims to deliver on the Victorian Government’s strong policy ambition for offshore wind, with the Government targeting at least 2 GW of offshore wind capacity by 2032 and up to 9 GW by 2040, establishing an entirely new clean energy sector in Victoria. Offshore wind will transform energy supply in Victoria, complementing other forms of power generation. Star of the South alone has the potential to power around 1.2 million homes and supply up to 20% of Victoria’s electricity needs while creating jobs and investment in the Gippsland region.
CIP’s partnership with Cbus will strengthen local participation in Star of the South, while continuing to draw on CIP’s leading global expertise in developing and delivering offshore wind projects.
“CIP is pleased to continue to strengthen our long-term partnership with Cbus, a superannuation fund that shares a similar perspective as CIP on the importance of clean energy resources. Combining CIP’s industrial background and international experience within offshore wind with Cbus’ local experience, our partnership will enable the provision of renewable power to Victorian homes and businesses and contribute to reaching Victoria’s decarbonisation targets. The transaction highlights the significant potential of offshore wind in Australia, with the opportunity for Victoria to be a leader in the significant global growth of offshore wind.” says Michael Hannibal, Partner at CIP.
“Star of the South is a landmark investment for Australian superannuation into the local offshore wind sector. Cbus is excited to be partnering with CIP, one of the world’s largest and most successful developers of offshore wind, while helping to pioneer the offshore wind industry in Australia. Star of the South will support, establish and grow the offshore wind industry in Australia, while assisting the Victorian Government’s commitment to a net-zero emissions economy.” says Kristian Fok, Chief Investment Officer at Cbus.