CIP, on behalf of its Flagship Funds, announced it was successful in Australia’s first offshore wind Feasibility License process securing two licenses. CIP has site exclusivity to develop offshore wind projects over two areas one 586 km2 and the other 689 km2. Combined the two projects have the potential to deliver up to 4.4 GW of capacity—enough to power 2.4 million homes.
To coincide with the Australian Government granting CIP’s Flagship Funds two offshore wind Feasibility Licenses, CIP has launched Southerly Ten—a dedicated platform company for the specialist development and delivery of offshore wind projects in Australia.
CIP entered Australia in 2017 investing in the development of offshore wind and pioneering a new local industry. Southerly Ten demonstrates CIP’s ongoing commitment to unlocking the energy, climate and economic benefits of offshore wind in this market.
“CIP was a first mover in developing offshore wind in Australia and has been proudly working with local communities, government and industry to kick start an offshore wind industry,” said Jørn Hammer, partner and Head of CIP Australia. “We are excited about the prospects of Southerly Ten to expand on CIP’s extensive global experience and expertise in offshore wind development.”
Southerly Ten will lead the development and delivery of CIP’s Australian offshore wind portfolio, including its first two projects—Star of the South and Kut-Wut Brataualung. Established Australian executive, Charles Rattray will run Southerly Ten. Rattray has been CEO of Star of the South since August 2022 and has more than 20 years of experience in energy and finance.
“I am thrilled to lead Southerly Ten and build upon CIP’s efforts to establish an offshore wind industry in Australia and continue to grow its pipeline,” said Rattray. “Southerly Ten will make a significant contribution to Australia’s green energy transition while bringing economic and job opportunities to the regions.”
CIP’s Flagship Funds will provide capital for project development and to grow Southerly Ten and then, subject to investment decisions at the time, CIP intends to provide the capital for project construction.
For more information about Southerly Ten, visit www.southerlyten.com.au.
