NZ Super Funds, CIP tie up for offshore wind project dev’t in New Zealand

The project is planned to have a 1GW capacity but can be expanded to 2GW.

NZ Super Fund and the fund manager Copenhagen Infrastructure Partners (CIP) entered a partnership to explore the development of a large-scale offshore wind energy in Aotearoa New Zealand.

In a statement, NZ Super Fund said they are planning to develop a 1-gigawatt (GW) wind energy in the South Taranaki Bight which would represent more than 11% of the country’s current  electricity demand capacity and could power over 650,000 homes.

The project could be expanded to 2GW, according to NZ Super Fund.

“CIP and NZ Super Fund are in the early stages of project feasibility evaluation, which includes wind resource measurement, designing detailed environmental impact assessments with the support of local communities and experts, and examining industry potential and training needs for the Taranaki region,” NZ Super Fund said. 

“The partners will also focus on measures to ensure any project can coexist with other uses of the marine area,” it added.

The project could start delivering power supply by the end of the decade and will contribute to the country’s goals of achieving 100% renewable energy by 2030.

It will also be CIP’s first investment in Aotearoa New Zealand. The project also comes following NZ Super Fund’s around $144.8m (NZD208m) commitment last year to the CIP’s new Energy Transition Fund

NZ Super Fund CEO Matt Whineray said offshore wind has the potential to be a commercially attractive opportunity in line with its climate change investment strategy and focussing on sustainable finance.

$0.70 = NZD1