CIP to acquire Morecambe from COBRA Group and Flotation Energy.

CIP, a private equity firm, agreed to acquire Morecambe, an offshore wind farm, from COBRA Group, an engineering and energy services company, and Flotation Energy, an offshore wind developer. Financial terms were not disclosed. ”CIP is very pleased to acquire Morecambe – a fixed bottom offshore wind project of excellent fundamental qualities, at an advanced stage of development, and well placed to contribute to the UK’s Clean Power 2030 Action Plan. Our acquisition of the Morecambe project demonstrates CIP’s confidence in the delivery of the UK Government’s ambitious 2030 offshore wind target, as enabled by its world leading CfD scheme, and key reforms aimed at speeding up planning and grid processes,” Nischal Agarwal, CIP Partner.