ECONOMIC AND FINANCIAL AFFAIRS
Economies of the Member States II
Meeting with Copenhagen Infrastructure Partners (CIP) and Copenhagen
Offshore Partners (COP) following their request to discuss RRF_Minutes
Minutes of meeting
Infrastructure Partners (CIP) and Copenhagen
Offshore Partners (COP) following their request to discuss RRF.
12 February 2021
made an introduction of the company and mentioned that it is the World’s
largest investor in offshore windfarms as it has an investment portfolio ($15bn) across
the World. They explained that CIP is the fund management part of the company (its
investors mainly coming from pension funds based in Scandinavia) and COP is the
project/construction management branch overseeing the actual implementation of
offshore windfarms construction.
has already some RES investments in Greece, but is now looking to expand
through investing in offshore wind farms. It is considering an investment estimated to
$2.5bn for a floating offshore installation with a capacity of 500-1,000 MW. Such
investments are also needed for Greece to reach its energy target set for 2030 and
possibly further out.
informed that they have established contacts with the Greek authorities,
including with the Ministry of Environment and Energy and have also recently been in
touch with the Alternate Minister of Finance, Theodoros Skylakakis, while they are in
contact with the Hellenic Wind Energy Association.
x Asked about possibilities of RES investment under the RRF, COM
clarified that it is
the responsibility of each Member State to prepare and submit a national Recovery
and Resilience Plan in accordance with the EU Regulation. Overall, the projects
suggested by CIP/COP could be in line with the Regulation and are promising in that
they correspond to investments in renewable energy which is in line with green
transition, one of the Commission’s main priorities for the coming years. However, it
is up to the government to decide in which areas they invest and what specific
project/which specific investor they are selecting.
inquired what type of support CIP/COP is looking for given that the trend is for
RES installations becoming more competitive and subsidy schemes gradually being
phased out. CIP/COP
informed that usually these projects receive a subsidy on top of
electricity price, as there is a need to kick start this market and over time marginal
costs are expected to decrease. CIP/COP mentioned that for Greece such large scale
projects are needed to meet its target of 9 GW of new RES capacity by 2030 (note: in
accordance with updated NECP), while offshore wind farms have some comparative
macroeconomic advantages (e.g. enhances security supply, provides opportunities for
industrial consumers and creates significant number of job opportunities).
inquired in general of CIP/COP’s impression of investing in Greece. CIP/COP
informed that they have identified certain barriers, such as financing and credit
considerations seem more complicated, but highlighted that they have invested in
places with much worse credit worthiness.