Newly launched offshore wind developer Corio Generation has agreed to form a joint venture (JV) with a Canadian investor to support the development of up to 9GW of capacity worldwide.
Corio – a new standalone offshore wind developer created by Macquarie’s Green Investment Group – is due to partner with infrastructure investor Ontario Teachers’ Pension Plan.
Their project pipeline consists of 14 fixed-bottom and floating offshore wind projects in South Korea, Taiwan, Japan, Ireland and the UK. The 9GW included in the JV with Ontario Teachers' forms the majority of Corio's planned 15GW of offshore wind development.
Ontario Teachers’ has agreed to invest up to US$1 billion in development capital to acquire up to half of Corio’s stake in each of the 14 projects.
Corio explained that the investment from Ontario Teachers’ – which has C$26.1 billion (US$20 billion) invested in infrastructure assets worldwide, including renewable energy projects – will give the developer “deeper access to long-term institutional capital”.
The transaction is expected to close in the third quarter of 2022 subject to customary closing conditions and regulatory approvals.