Australia’s building and construction industry super fund Cbus has agreed to acquire a 10% interest in Copenhagen Infrastructure Partners' (CIP) Australian offshore wind project, Star of the South.
This follows Cbus’ investment into CIP’s flagship fund, CI IV. CI IV is the majority owner of Star of the South.
CIP specializes in energy infrastructure investments, and is one of the largest developers of offshore wind projects globally.
Star of the South is Australia’s most progressed offshore wind project, to be located off the south coast of Gippsland in Victoria, with a capacity of up to 2.2 GW.
"The new partnership demonstrates confidence in Victoria’s offshore wind sector, with Star of the South forging the way for a new local industry to deliver a clean energy boost, create thousands of jobs and reduce carbon emissions," CIP said.
"Star of the South aims to deliver on the Victorian Government’s strong policy ambition for offshore wind, with the Government targeting at least 2 GW of offshore wind capacity by 2032 and up to 9 GW by 2040, establishing an entirely new clean energy sector in Victoria. Offshore wind will transform energy supply in Victoria, complementing other forms of power generation," CIP said.
According to CIP, star of the South alone has the potential to power around 1.2 million homes and supply up to 20% of Victoria’s electricity needs while creating jobs and investment in the Gippsland region.
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