Major Green Energy Investment Manager CIP Participates in ‘BIXPO 2021’ Event

As a Leading European Offshore Wind Company, Development Plans for Domestic Offshore Wind Projects

One of the world's largest green energy investment management firms, CIP, is participating in the 'BIXPO 2021' event hosted by KEPCO, presenting development plans for domestic offshore wind power projects and actively engaging in related activities. Photo by Asia Economy

[Asia Economy Honam Reporting Headquarters Reporter Seo Young-seo] CIP (Copenhagen Infrastructure Partners), one of the world's largest green energy investment management firms, is actively participating in the ‘BIXPO 2021’ event hosted by KEPCO, presenting development plans for domestic offshore wind power projects as a leading European offshore wind company.

The event, held for three days from the 10th at the Gwangju Kim Dae-jung Convention Center, is an ‘International Comprehensive Energy Expo’ with participation from 248 countries worldwide. Centered on the global key issue of carbon neutrality, it showcases future new technologies and industrial directions in the energy sector such as renewable energy and efficiency, serving as an opportunity for expanding exchanges and cooperation among leading domestic and international companies, drawing significant attention from the energy industry both at home and abroad.

CIP has set up an exhibition booth at the event to promote the company, introducing CIP/COP’s domestic and international renewable energy investments and offshore wind project development status to government bodies, local governments, related agencies, offshore wind developers, and related equipment suppliers. It is also being used as a forum to exchange opinions on the direction of domestic offshore wind power generation and supply chain establishment plans.

Additionally, Yoo Tae-seung, Co-CEO of CIP/COP Korea, participated as a speaker at the offshore wind conference hosted by the Green Energy Research Institute during the event, delivering a presentation titled ‘Development Plans for Korea’s Offshore Wind Power Based on Europe’s Offshore Wind Experience.’

In his presentation, CEO Yoo stated, “Korea will significantly contribute to the global offshore wind pipeline by realizing offshore wind projects of 12GW by 2030 and triple-digit gigawatt (GW) scale offshore wind projects for carbon neutrality by 2050.” He added, “Especially in areas including wind towers, substructures, and subsea cables, Korea will play an important role as a global supplier beyond being an APAC supplier hub.”

He continued, “For Korea to become one of the world’s top five countries in offshore wind competitiveness and scale, a domestic market must first be established, and a sizable offshore wind project pipeline must be built.” He emphasized, “This pipeline is being created by investment developers, and related institutions including the government and stakeholders should provide timely support to enable these developers to advance projects swiftly and at scale.”

Furthermore, he noted, “If the numerous projects Korea is developing proceed to construction, the grid, referring to transmission and transformation facilities, and supporting ports will be severely insufficient. Since these infrastructures can take up to 10 years to prepare and require enormous costs, failure to prepare in advance will delay project development, threatening the achievement of the 2030 and 2050 goals.” He stressed, “From now on, plans for wind power substations, the second, third, and fourth Mokpo New Ports, and supply chain construction and support must be established and preparations initiated.”

Meanwhile, CIP recently announced an ambitious roadmap at the 26th United Nations Climate Change Conference of the Parties (COP26) held in the UK, aiming to promote and accelerate energy transition through green energy investments worth 100 billion euros by 2030.

Jakob Poulsen, Chairman of CIP, said, “Our goal is to reach an asset under management scale of 100 billion euros (equity capital) by 2030 at the latest. Since our establishment eight years ago, we have achieved remarkable portfolio growth, and we have set an ambitious target to expand our green energy investments to an average of 10 billion euros annually between 2022 and 2030.” He added, “We will continue to expand our business scope and scale, including 30GW of fixed and floating offshore wind, 20GW of onshore wind, solar power, Power-to-X, Energy Islands, and other green technologies.”

CIP currently holds a portfolio of over 30GW of fixed and floating offshore wind projects in major offshore wind markets including the Asia-Pacific region?such as the United States, Taiwan, Korea, Vietnam, Japan?and Europe.

Domestically, since establishing a corporation in Seoul in 2018, CIP is developing fixed and floating offshore wind power projects of multi-gigawatt (GW) scale including a 100MW project in Ulsan and Jeonnam regions. Wind resource surveys are expected to be completed soon, with plans to obtain power generation permits for these projects in the first quarter of 2022.

This content was produced with the assistance of AI translation services.