CIP affirms belief in floating offshore wind with Stiesdal investment

Through its fund Copenhagen Infrastructure V (CI V), CIP has formed what it described as ‘a strategic partnership’ with Stiesdal Offshore that will see the companies work to establish Stiesdal Offshore as a long-term leader in the floating wind industry.

As part of the partnership, CI V has acquired a minority stake in Stiesdal Offshore. The financial details of the transaction were not disclosed. 

Stiesdal Offshore said it now plans to expand its business scope from design and development of floating foundations "to becoming a one-stop shop for floating wind enablement." This includes offering owner’s engineering services and as well as comprehensive full-service project support and execution. The aim is to help customers reduce the cost and complexity of projects and to accelerate the development of floating offshore wind. 

Stiesdal Offshore chief executive Peder Nickelsen said, “The right partnership is crucial for us, and I am very happy to welcome CIP on board.

“We have a clear plan to reduce floating wind capex and have developed more than 30 specific initiatives to achieve this goal. This investment will enable us to accelerate these efforts and strengthen our market position as we prepare for large-scale commercial deployment of floating offshore wind in the coming years.”

CIP partner Michael Hannibal said, “We remain committed to floating offshore wind, which we believe will play an important role in the energy transition. This investment is a next step in our pursuit of large-scale floating wind projects. Together with Stiesdal Offshore, we look forward to work towards advancing floating wind technology, overall project execution and cost reduction.” 

Strengthened by CIP’s investment, Stiesdal Offshore said it will launch innovative development initiatives aimed at achieving the cost reductions necessary to enable the floating wind market to succeed. By spearheading these innovations and solutions, Stiesdal Offshore aims to position itself as a key enabler in the highly complex floating wind sector.