The Danish fund managing company Copenhagen Infrastructure Partners (CIP) will invest €8bn in a proposed 2 GW offshore wind project, which will be located near Figueira da Foz, off Portugal’s central Atlantic coast. The Nortada wind project will thus have the capacity to meet 20% of the country’s 10 GW target for offshore wind power by 2030. Portugal also plans to hold its first offshore wind auctions, which will offer 10 GW of capacity, by the end of 2023.
CIP currently has more than 50 GW of offshore wind projects in its portfolio, in Europe and North America. The Danish company, alongside the Portuguese project developer Madoqua Renewables and the Dutch energy developer Power2X, is currently developing a €1bn green hydrogen and ammonia production project in Sines, Portugal, which will have 500 MW of electrolysis capacity.
Portugal, which phased out coal-fired generation in 2021, currently generates around 60% of its electricity from renewables (hydropower, wind and solar) and expects to reach 80% before 2030. At the end of 2021, Portugal only had 25 MW of installed offshore wind capacity (but 5.6 GW of onshore wind). The country produced 13.2 TWh from wind in 2021.
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