Amberside Energy and Copenhagen Infrastructure Partners, on behalf of its Flagship Funds, today announced a partnership for the development of 2 GW of solar and battery storage projects in the UK.
LONDON and COPENHAGEN, Denmark , Feb. 03, 2023 (GLOBE NEWSWIRE) -- Under the terms of the partnership, CIP's Flagship Funds will provide the capital for project development with the ambition of creating a portfolio of scale that, over time, will have projects in operation, in construction as well as under development. Subject to investment decisions at the time, CIP intends to provide the capital required for the construction of the projects in this portfolio.
The projects are aligned with the UK's net zero targets and will make a significant contribution towards increasing energy independence in the UK, providing predictable and affordable power at a competitive cost and decarbonizing energy production.
"We look forward to a successful partnership with Amberside Energy for the development of a significant pipeline of clean-energy projects that will help accelerate the UK's energy transition to 'net zero' greenhouse gas emissions by 2050. UK solar and battery storage have become increasingly competitive in recent years and are now some of the most cost-efficient technologies, contributing to enhancing grid flexibility, resilience and increasing the overall security of supply. We look forward to working closely with AE's highly experienced team to deliver projects that in addition to clean power at competitive prices also generate investment, jobs, and socioeconomic benefits," says Radu Gruescu, Partner at CIP.
Local community engagement and maintaining industry-leading ESG standards will be core to the partnership's objectives, with the projects also expected to deliver local and regional socio-economic benefits.
Amberside Energy will continue to lead origination and development activities for the solar and battery storage projects while CIP will contribute its expertise in procurement, structuring and financing renewable energy projects.
"We are delighted to form a partnership with CIP. Together, we will be able to accelerate the energy transition in the UK at scale. Our origination and development efforts are well underway, and our proprietary grid model combined with experience gained from auditing and asset managing such schemes helps maximise the efficiency of the development process. We expect our first projects to be ready to begin construction in the next two years and to deliver significant benefits to the communities who host them as well as generating sustainable green power for many years ahead," says Marc Scambler, Co-Founder and CEO of Amberside Energy.
Orrick Herrington & Sutcliffe LLP advised CIP on the transaction as legal advisors. DAC Beachcroft advised Amberside Energy.
About Copenhagen Infrastructure Partners
Founded in 2012, Copenhagen Infrastructure Partners P/S (CIP) today is the world's largest dedicated fund manager within greenfield renewable energy investments and a global leader in offshore wind. The funds managed by CIP focus on investments in offshore and onshore wind, solar PV, biomass and energy-from-waste, transmission and distribution, reserve capacity, storage, advanced bioenergy, and Power-to-X.
CIP manages ten funds and has to date raised approximately EUR 19 billion for investments in energy and associated infrastructure from more than 140 international institutional investors. CIP has approximately 400 employees and 11 offices around the world. For more information, visit www.cip.com.
About Amberside Energy
Amberside Energy.
For further information, please contact:
Copenhagen Infrastructure Partners
Oliver Routhe Skov, Head of Media Relations
Phone: +45 30541227
Email: orsk@cisc.dk
Thomas Kønig, Partner - Investor Relations
Phone: +45 7070 5151
Email: tkon@cip.dk
Amberside Energy
Anthony Middleton, Chief Operating Officer
Phone: +44 330 2210 626
Email: anthony.middleton@ambersideenergy.com
