CIP partners with Cbus in the Australian offshore wind project, Star of the South
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.
About Copenhagen Infrastructure Partners
Copenhagen Infrastructure Partners P/S is the world’s largest dedicated fund manager within greenfield renewable energy investments and a leader in offshore wind globally. At COP26, CIP announced the ambition and a roadmap for increasing and accelerating its role in delivering on the energy transition by deploying EUR 100bn into green energy investments by 2030.
CIP manages ten funds and has approximately EUR 18 billion of assets under management focused on investments in energy infrastructure, including offshore wind, onshore wind, solar PV, biomass and energy-from-waste, transmission and distribution, reserve capacity and storage, and other energy assets like Power-to-X. Today CIP’s funds have approximately 120 international institutional investors from the Nordics, Continental Europe, the UK, Israel, Asia, Australia, New Zealand, North America and multi-lateral organisations, e.g. EIB. CIP has approximately 300 employees and offices in Copenhagen, London, Hamburg, Utrecht, New York, Tokyo, Singapore, Seoul and Melbourne.
About Cbus Super
Cbus Super is one of Australia’s first superannuation funds, and is the largest industry fund for the building, construction and allied industries. Cbus provides superannuation and income stream accounts to more than 850,000 members, with over $73.5 billion in funds under management as at 30 April 2022 Star of the South is Cbus Super’s first direct investment in offshore wind in Australia and part of a growing portfolio of renewable investments[1].
For further information, please contact:
Copenhagen Infrastructure Partners
Julie Drewes, Communication Officer
Phone: +45 6056 4829
Email: media@cip
Cbus Super
Tristan Douglas, Strategic Media Manager
Phone: +61417 736 434
Email: tristan.douglas@cbussuper.com.au
You should read the relevant Cbus Product Disclosure Statement and Target Market Determination to decide if Cbus is right for you. Contact us or visit cbussuper.com.au for a copy.
Issued [30th May 2022], United Super Pty Ltd ABN 46 006 261 623 AFSL 233792 as Trustee for the Construction and Building Unions Superannuation Fund ABN 75 493 363 262 (Cbus and /or Cbus Super).