Copenhagen Infrastructure Partners (CIP) has taken full ownership of the 480 MW Morecambe project, located 30 km off the Lancashire coast in the Eastern Irish Sea. The acquisition adds a new fixed development venture to their UK portfolio, consisting of several floating projects off the coast of Scotland.
Flotation Energy and Cobra Group has sold their stakes in the 480 MW 35 turbine Morecambe project. The two partners originally secured the site in UKs Round 4, awarded in 2021. The project is still in the early stages of development, not having announced any major component contracts, nor secured a CfD offtake. The project is currently expected to have an FID in 2027, and a final COD towards the end of 2029. Although no vessel contracts have been announced, based on the project scope, foundation installation is estimated to start in Q1 2028, with turbines following in Q3 2028.  To be able to reach the 2027 FID and 2029 COD target, it’s expected that the project will bid into AR7 or AR8, in order to secure an offtake agreement. Flotation Energy is expected to stay on as a development partner, financial terms of the deal have not been disclosed by CIP.
The acquisition could prove a good move from CIP. The project is in shallow waters, with a maximum depth of 40 m. This could imply relatively low cost linked to fixed foundation procurement. In addition, the wind conditions and project power generation have been proven to be good in the area. Neighboring operational projects Walney Extension and West of Duddon Sands have proven a high average capacity factor in the last three years, ranking among the best in the UK, boasting of 44.18% and 44.11% respectively.
