CIP acquires majority stake in ABO Energy’s wind and hydrogen project in Canada
Copenhagen Infrastructure Partners (CIP), through its Energy Transition Fund (CI ETF I), has acquired a majority stake in Toqlukuti’k Wind & Hydrogen, a large-scale onshore wind and hydrogen project in Newfoundland & Labrador, Canada, from Germany-based renewable energy developer ABO Energy. ABO Energy will stay actively engaged in the project as a minority shareholder and co-developer.
Toqlukuti’k is expected to produce competitive green hydrogen and ammonia, driven by exceptional wind resources, existing infrastructure, and federal and provincial support. This combination of factors makes Newfoundland an attractive investment destination that is well-positioned to serve future European green energy demand.
In 2023, the project received a Wind Application Recommendation Letter from the Ministry of Industry, Energy, and Technology, awarding the exclusive right to pursue development on nominated Crown land. As part of its Crown land bid submission, the project has signed a memorandum of understanding (MOU) with Miawpukek First Nation and has received numerous letters of support from communities.
Toqlukuti’k marks the second project in the partnership between CIP and ABO Energy, which also includes Canada’s largest onshore wind farm, Buffalo Plains. With a capacity of 495 MW, Buffalo Plains will provide clean energy to approximately 240,000 households in Alberta, Canada, once fully operational.
Karlis Povisils commented, “We are delighted to partner with ABO Energy once again to support and contribute to Canada’s journey towards a carbon-neutral future. With the wind speeds present in Atlantic Canada, we see that Toqlukuti’k has the potential to produce green hydrogen and ammonia at globally competitive prices.”
Karsten Schlageter shares: “Our ABO Energy team made great progress in developing this project, especially by working across two continents and with a new technology. This shows our ability to bring forward large-scale projects that drive us towards Net Zero. With CIP as an experienced and financially strong development partner, we will successfully enter the next phase and bring Toqlukuti’k to realisation.”
