Beothuk Energy Inc has partnered with Danish infrastructure investor Copenhagen Infrastructure Partners (CIP) to develop, own and operate offshore wind farms supplying power to Atlantic Canada. The first project will be the 180 megawatt St. George’s Bay wind farm in Newfoundland, which has been under development since 2011. Beothuk and CIP will fund additional development, while CIP will invest in the asset’s construction. No financial terms were disclosed. Once fully operational, St. George’s will be Canada’s first offshore wind farm, St. John’s-based Beothuk said.
Newfoundland and Labrador-Based Beothuk Energy Announces Strategic Partnership with Copenhagen Infrastructure Partners to Develop Canada’s First Offshore Wind Farm
HAMBURG, GERMANY–(Marketwired – Sept. 28, 2016) – Beothuk Energy (“Beothuk”) is pleased to announce a partnership with one of the world’s leading offshore wind investors, Copenhagen Infrastructure Partners (“CIP”) to develop, own and operate wind farms in Atlantic Canada.
“Beothuk is thrilled to be in business with one of the world’s leaders in renewable energy financing,” said Kirby Mercer, CEO of Beothuk. “CIP brings tremendous capabilities and experience to the table as well as capital to help us quickly become one of Canada’s leading wind power developers and the first with an offshore project.”
On behalf of Copenhagen Infrastructure II, CIP has entered into an agreement with Beothuk to jointly develop, own and operate offshore wind farms supplying power to Atlantic Canada starting with the 180 MW St. George’s Bay wind farm in Newfoundland. Beothuk has secured approvals and significantly advanced the development of the project since 2011 and will jointly with CIP fund the final development of the Project to secure a power purchase agreement for the energy to be delivered into Newfoundland. CIP will subsequently invest all of the capital required to construct the project.
“We are looking forward to participating in developing the St. Georges Bay project together with Beothuk”, said Christina Grumstrup Sørensen, Senior Partner in CIP. “We see significant potential for offshore wind in Atlantic Canada due to strong winds, shallow water and an existing industry with experience in working in an offshore environment since many years.”
Projects are being advanced by Beothuk in Newfoundland, Nova Scotia, New Brunswick and Prince Edward Island which could total over 1.000 MW when completed. The 180MW St Georges Bay project will supply clean energy to more than 150.000 households once constructed, create more than 500 jobs during the construction phase, and foster a new industry in Atlantic Canada to construct and service the Beothuk projects as well as other projects in the region.
Jacob Capital Management Inc., managed by Sasha Jacob, a global leader in renewable energy financing, acted as the financial advisor to Beothuk Energy and is the exclusive financial advisor to Beothuk and the Beothuk projects. Norton Rose Fulbright is acting as Beothuk’s legal counsel.
Beothuk Energy is an Atlantic Canada based international green energy company, headquartered in St. John’s, NL, with a strategic focus on offshore wind power. Beothuk is the proud developer of a previously announced 180 MW offshore wind farm in St. George’s Bay, Newfoundland and Labrador, Canada – Canada’s first offshore wind farm. In 2015 it was named by the Globe and Mail Report on Business as one of fifteen smart ideas to create a flourishing Canadian economy.
About Copenhagen Infrastructure Partners
Copenhagen Infrastructure Partners (CIP) is a management company founded in 2012. CIP is owned and managed by the five Senior Partners, Jakob Baruël Poulsen, Rune Bro Róin, Torsten Lodberg Smed, Christian Skakkebæk and Christina Grumstrup Sørensen. The partners have extensive expertise within infrastructure investments and mergers & acquisitions. CIP is currently managing 3 funds, CI-I, CI Artemis and CI-II with a total committed capital of EUR 3.4bn. CIP has on behalf of its funds CI-I and CI-II invested in 2 offshore wind farms, the 588 MW Beatrice Project in Scotland, and the 402 MW Veja Mate project in the German North Sea. CIP has also on behalf of CI-II acquired a lease for an offshore wind project near Massachusetts, USA.
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Photo courtesy of Beohuk Energy Inc