PensionDanmark invests in new company dedicated to developing energy island projects globally

22 January 2024

PensionDanmark are among the investors in Copenhagen Energy Islands (CEI): A new company dedicated to developing energy islands.

Copenhagen Infrastructure Partners has launched Copenhagen Energy Islands, a new company that will build on CIP’s long-standing experience and expertise within offshore wind to develop energy island projects globally. Copenhagen Energy Islands is currently developing a portfolio of around 10 energy island projects around the North Sea, the Baltic Sea and South-East Asia.

Energy islands are large-scale offshore energy hubs, which will enable the massive scaling required for the next generation of offshore wind deployment globally.

“We see a great commercial potential in energy islands globally and as a strong contender for the effective rollout of liquid green hydrogen on a large scale. CEI has the potential to become a catalyst and real world leader in the establishment of energy islands making it an attractive investment opportunity for returns to our members’ pension savings,” said Peter Stensgaard Mørch, deputy CEO of PensionDanmark and board member at CEI.

Part of the investment comes from converted ownership from the company Vindø. In addition, PensionDanmark has opted to investment further in the new company.

Energy islands combine existing, proven technologies in a new and innovative way and at a significantly larger scale, allowing for a cost-efficient build-out and integration of offshore wind.

Key value drivers include a substantial reduction in power transmission costs, large-scale offshore green hydrogen production and related synergies between power and hydrogen production.

Copenhagen Energy Islands is an independent company majority-owned by CIP and a group of institutional investors. The founding investor group includes major Nordic, European, and North American investors with a track record of investments in renewable energy infrastructure. Among them are PensionDenmark, PFA, SEB, and Andel.

“Our vision is to provide concrete solutions to the global challenge of scaling up renewables. If we want to achieve net-zero carbon emissions by 2050, we will need to scale up the deployment of offshore wind and other renewables to an unprecedented level. Today, the challenge for offshore wind is less about building the incremental offshore wind farm, but more how to integrate large-scale offshore wind energy into the global energy systems. We see energy islands as a key tool in solving this challenge and realizing the ambitious offshore wind targets across the globe,” said Jakob Baruël Poulsen, Managing Partner and founder of CIP.

Copenhagen Energy Islands is headquartered in Copenhagen with a team of industry professionals with extensive experience within renewables, infrastructure, and finance.

Source: PensionDanmark
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