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Investing in 2GW offshore wind energy project in Portugal
Copenhagen Infrastructure Partners (CIP) aims to create an installed capacity of 2 gigawatts in a project called Nortada off central Portugal’s Atlantic coast, which would amount to 20% of the country’s 2030 target for offshore wind power. With the investment, CIP intends to place Portugal at the forefront of the energy transition worldwide, realising the enormous potential for growth and evolution which offshore wind energy holds.
“We are very happy to enter and strengthen our foothold in Portugal’s growing offshore wind market. The Nortada project has significant potential and provides us with a strong platform to support the development and growth of the Portuguese offshore wind industry as well as the creation of local jobs,” Michael Hannibal, partner at CIP.
Portugal’s powerful and durable offshore wind potential makes it an attractive investment for large international companies, and the Portuguese government has shown ambition and cooperation willingness.
With wind turbines in the open sea having higher full-load hours than land-based ones, Portugal seeks to offshore wind to hit its decarbonization targets.
Portugal aims to generate 80% of its annual electricity usage from renewable sources by 2026, up from around 60% in 2022, which was already one of the highest ratios in Europe.
