New partnership for offshore wind in New Zealand

CIP is a global leader in renewable energy and offshore wind with current assets under management of NZD 25 billion, including ~30 GW of offshore wind projects developed, built and operated in North America, Europe, Asia and Oceania.

Subject to feasibility, an initial planned 1 GW development would represent more than 11 percent of New Zealand's current electricity demand capacity and could power more than 650,000 homes. The two partners believe the project could later be expanded to 2 GW to meet projected strong growth in New Zealand electricity demand.

CIP and NZ Super Fund are in the early stages of project feasibility assessment, which includes measuring wind resources, developing detailed environmental impact assessments with the support of local communities and experts, and studying industry potential and training needs in the Taranaki region. The partners will also focus on measures to ensure that any project can coexist with other uses of the marine area.

CIP and NZ Super Fund welcomed Energy Minister Megan Woods' recent announcement that the government will begin work on a new offshore renewable energy regime in 2022.

NZ Super Fund CEO Matt Whineray said, "The climate crisis is driving a global shift in how countries produce energy. We are focused on opportunities that allow us to apply our long-term investment capital to support this shift and the Fund’s own public commitment to being net zero by 2050. While this proposal is still at a very early, exploratory stage, we are confident it could help New Zealand’s transition away from fossil fuels and towards home-grown clean energy."

Michael Hannibal, CIP partner, says the prime offshore wind conditions in Aotearoa New Zealand - high average wind speeds and relatively shallow waters near transmission infrastructure - make the project an interesting development for CIP.

"There is a global shift to clean and sustainable energy sources. New Zealand has a prime opportunity to utilise its natural resources, in this case offshore wind, to power the country into the future. We look forward to working with NZ Super Fund, the NZ Government, local iwi and communities on this project."