This project also marks CIP’s first venture into the Southern Hemisphere. CIP has more than €5 billion ($A7.79 billion) under management and invests in renewable energy projects.

Mr Evans declined to say how much CIP had invested in the project but described it as ''long-term serious investment for the life of the project''.

“Star of the South offers a unique opportunity within offshore wind in a new market,” CIP senior partner Torsten Lodberg Smed said.

“We are very satisfied with this partnership, and look forward to contributing our competence and experience in cooperation with Offshore Energy, all levels of government and key stakeholders in the development of the first offshore wind project in Australia.”

Offshore Energy said Star of the South would comprise up to 250 turbines over an area of 574 square kilometres, and generate 8000-gigawatt hours of energy annually, enough to power 1.2 million homes, and account for nearly 20 per cent of Victoria’s energy demand.