Copenhagen Infrastructure Partners (CIP), through its Energy Transition Fund I, announced today (Dec 18) that it has entered a power purchase agreement with Google in the Netherlands. Under the agreement, Google will purchase 250MW wind power generated at the Zeevonk project to power its Dutch operations for 15 years.
Zeevonk, a joint venture between Vattenfall and CIP, blends offshore wind, solar energy, and green hydrogen at scale. It consists of a 2 GW offshore wind farm and a 50MW floating offshore solar farm located 62 km off the Dutch coast. The project is expected to be operational in 2029. A significant part of the electricity generated by the offshore wind and solar farm will be converted into green hydrogen at a large-scale electrolyser plant at the port of Rotterdam.
"Google partnered with CIP ahead of the government tender for this subsidy-free, GW-scale project. We are proud of the outcome and close collaboration with CIP. The Zeevonk project is designed with system integration at heart and combines offshore wind, floating solar and green hydrogen. The partnership with CIP will bring new carbon-free energy to the Dutch grid and power our operations in the country that provide digital tools, artificial intelligence and related services around the world. Together with the existing power purchase agreements we have previously signed in the Netherlands, this agreement is a major milestone towards our ambition to operate on 24/7 Carbon Free Energy (CFE), everywhere we operate, by 2030. This agreement is also an example of how collaboration can enable 24/7 CFE for multiple types of electricity use, including Google's operations but also for electrolyzers to produce hourly matched renewable hydrogen. We are excited to contribute to the Dutch energy transition where hydrogen will play an essential role," said Adam Elman, Director of Sustainability EMEA, Google.
"We are very pleased to enter this partnership with Google and support their decarbonisation goals through this long-term renewable energy purchase agreement. It represents an important milestone for CIP and underlines the many opportunities in the combination of offshore wind, power-to-x and the increasing demand for renewable power by data centers," said Felix Pahl, partner at CIP. "We are excited to move Zeevonk forward together with our partners at Vattenfall and develop a project that drives local growth and jobs, provides clean energy and delivers attractive risk-adjusted returns to our investors."
CIP's Energy Transition Fund I is the largest dedicated greenfield green hydrogen fund worldwide with approximately 6.5 GW of electrolyser capacity in development globally. CIP was, on an exclusive basis, advised by Our New Energy in the power purchase agreement with Google.
About Copenhagen Infrastructure Partners
Founded in 2012, Copenhagen Infrastructure Partners P/S (CIP) today is the world's largest dedicated fund manager within greenfield renewable energy investments and a global leader in offshore wind. The funds managed by CIP focus on investments in offshore and onshore wind, solar PV, biomass and energy-from-waste, transmission and distribution, reserve capacity, storage, advanced bioenergy, and Power-to-X.
CIP manages 12 funds and has to date raised approximately EUR 31 billion for investments in energy and associated infrastructure from more than 180 international institutional investors. CIP has approximately 500 employees and 14 offices around the world. For more information, visit www.cip.com
For further information, please contact:
E-mail: media@cip.com
Simon Augustesen, VP Communication
Phone: +45 30526721
Email: siau@cip.com
Thomas Kønig, Partner - Investor Relations
Phone: +45 7070 5151
Email: tkon@cip.com
Michiel Sallaets - Communications Google
msallaets@google.com
