A fund operated by Copenhagen Infrastructure Partners (CIP) is buying a 50% stakes in Statkraft's offshore wind portfolio in Ireland.
The deal include the three phases of the North Irish Sea Array (NISA) off Dublin, Louth and Meath and the Bore Array in the Celtic Sea.
The projects, which will amount to 2.2 gigawatts of generation capacity, will require an investment of over €4bn by Statkraft and CIP over the next seven years.
The financial terms of the agreement have not been made public.
"This partnership brings together two industry heavyweights with the resources and expertise to harness the power of our offshore wind," said Kevin O’Donovan, managing director of Statkraft Ireland.
"While today’s deal is significant for Statkraft, it also signals a giant leap forward for the country."
Statkraft entered the Irish market four years ago and is the largest generator of renewable power here.
CIP, which manages ten funds and has raised €19bn for investing in energy, said it was very pleased to be entering the Irish offshore market.
"In combining CIP’s industrial background and international experience within offshore wind with Statkraft’s experience of Irish renewables, the partnership will enable the provision of renewable power to Irish homes and businesses and contribute to reaching the government’s ambitious decarbonisation targets," said Nischal Agarwal, Partner in CIP.
A planning application for NISA is scheduled to be submitted this year and it is expected that operations will begin in 2026.
