By Anders Lorenzen
Copenhagen Infrastructure Partners (CIP) has completed the purchase of Ørsted’s onshore wind power business for 10.7 billion DKR, and with the purchase, has created Perigus Energy, a new European renewable energy company. As the world battles with what many have called the largest ever energy crisis, this acquisition, which was first announced in February, will firmly cement Europe’s rapid clean energy transition.
Ørsted is the world’s largest offshore wind developer, but has faced headwinds in recent years, partly due to rising costs in its supply chain, but also mismanagement in its leadership team, and the delays and legal disruptions to its US projects due to the Trump Administration having unsuccessfully halted several of its developments.
Strong clean energy track record
There had even been rumours floating that Equinor, the Norwegian energy giant, with its primary oil and gas assets, but which holds a significant share in Ørsted, could acquire the company.
But that idea seems to have cooled again, especially in the wake of the energy crisis, as the Norwegian company has been selling off some of its renewable energy assets and aligning itself closer with fossil fuels.
CIP has a strong clean energy track record and has funded the management of Europe’s largest clean energy projects.
Building on a clean energy portfolio
With the creation of Perigus Energy, the new company holds 862 megawatts (MW) of renewable energy assets in Ireland, where it will be headquartered, Germany, the UK and Spain.
In addition to managing these assets, the new company announced that they will continue to build out new renewable energy capacity, but in addition to onshore wind, they will also invest in new solar and battery capacity.
Perigus Energy say they want to support Europe’s energy transition as well as energy security and that they will have an immediate focus on unlocking the investable and full potential of Europe’s renewable energy capacity.
Advancing renewables
The CEO of Perigus Energy, Kieran White, offered his excitement about what is to come, “While our name is new, our people are experienced, and our mission is the same. The high volatility in international energy markets demonstrates clearly Europe’s need for secure, home-grown and green electricity. With Copenhagen Infrastructure Partners on board, we will enhance our delivery capability across our multi-gigawatt investment-ready pipeline spanning onshore wind, solar and battery storage. Together, we look forward to advancing renewables to power a secure energy future with care for both society, nature and our people.“
Kunal Patel, Partner of CIP, added, “Today marks the completion of an important transaction, a major milestone for continued growth in European onshore renewables. Perigus Energy combines a proven team, an established operating portfolio and a promising multi-gigawatt pipeline across core European power markets.”
In addition to its HQ in Cork, Ireland, it will have regional offices in Regensburg, Lauf, Potsdam, Essen and Hamburg, all in Germany, London and Edinburgh in the UK, and Madrid, Spain.
Anders Lorenzen is the founding Editor of A greener life, a greener world.
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