This is an HTML version of an attachment to the Freedom of Information request 'Access to documents - DG ECFIN - Recovery and resilience plans'.




 
       
EUROPEAN COMMISSION 
DIRECTORATE GENERAL 
ECONOMIC AND FINANCIAL AFFAIRS 
Economies of the Member States II 
  Greece 
 
 
Brussels  
ECFIN.F.2 
 
 
 
To
:  
Declan Costello 
Via
 
 
 
 
 
 
 
 
 
From
:      
 
 
 
Subject:  Meeting with Copenhagen Infrastructure Partners (CIP) and Copenhagen 
Offshore Partners (COP) following their request to discuss RRF_Minutes 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
Minutes of meeting 
Subject: Meeting 
with 
Copenhagen 
Infrastructure Partners (CIP) and Copenhagen 
Offshore Partners (COP) following their request to discuss RRF. 
Participants:  CIP/COP: 
 
 
EC: 
 
Date: 
12 February 2021 
 
x  CIP/COP 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. 
x  CIP/COP 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. 
x  CIP/COP  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. 
x  COM 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). 
x  COM 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.