CIP Acquires 90% Stake in Canadian Wind and Hydrogen Project from ABO Energy

Copenhagen Infrastructure Partners (CIP), through its Energy Transition Fund, has acquired a majority stake in the Toqlukuti’k Wind & Hydrogen project, a large-scale onshore wind and hydrogen initiative located in Newfoundland & Labrador, Canada. This acquisition was made from ABO Energy, a German-based renewable energy developer. Despite the majority stake transfer, ABO Energy will remain involved in the project as a minority shareholder and co-developer.

Toqlukuti’k aims to produce competitively priced green hydrogen and ammonia, leveraging the region’s exceptional wind resources, established infrastructure, and strong federal and provincial support. These factors position Newfoundland as an attractive investment hub with significant potential to meet future European green energy demand. In August 2023, the project received a Wind Application Recommendation Letter from the Ministry of Industry, Energy, and Technology, granting it the exclusive right to develop on designated Crown land. As part of the project’s bid, the team signed a memorandum of understanding (MOU) with Miawpukek First Nation and garnered numerous letters of support from local communities.

The name Toqlukuti’k, which means "working together" in the traditional Mi'kmaq language, was chosen in collaboration with Miawpukek First Nation. This reflects the cooperative spirit behind the project. Toqlukuti’k is expected to create significant economic benefits, including over 4,000 construction jobs and more than 400 long-term jobs during its operational phase, boosting the local economy and employment opportunities.

This project marks the second collaboration between CIP and ABO Energy, with the first being Canada’s largest onshore wind farm, Buffalo Plains. With a capacity of 495 MW, Buffalo Plains will provide clean energy to around 240,000 households in Alberta once operational.

Karlis Povisils, Partner at CIP, expressed excitement about the partnership, noting the project’s potential to produce green hydrogen and ammonia at globally competitive prices due to the strong wind speeds in Atlantic Canada. Karsten Schlageter, Managing Director at ABO Energy, highlighted the team’s progress in advancing the project, particularly with the use of new technology and international collaboration. He emphasized the importance of CIP as a financially robust and experienced partner in bringing Toqlukuti’k to fruition, contributing to Canada’s broader transition to a carbon-neutral future.

Founded in 2012, Copenhagen Infrastructure Partners P/S (CIP) is now the world’s largest fund manager dedicated to greenfield renewable energy investments and a global leader in offshore wind. CIP’s managed funds focus on a wide range of investments, including offshore and onshore wind, solar PV, biomass, energy-from-waste, transmission and distribution, reserve capacity, storage, advanced bioenergy, and Power-to-X technologies.