Australia

Australia

Corio Generation grows Australian offshore wind pipeline to 4GW

Macquarie-owned developer unveils plans for new 2.5GW offshore wind farm off the coast of Victoria

Corio CEO Jonathan Cole said Australia offers abundant natural resources and government support for offshore wind
Corio CEO Jonathan Cole said Australia offers abundant natural resources and government support for offshore wind

Offshore wind power developer Corio Generation has increased its Australian offshore wind pipeline to 4GW, announcing plans for a 2.5GW wind farm 22km off Australia’s south-east coast.

The 2500MW Great Eastern Offshore Wind Great Eastern Offshore Wind (2500MW) Offshoreoff Gippsland, Victoria, Australia, Asia-Pacific Click to see full details project could be in the first cohort of approved Australian offshore wind developments, according to Corio. 

The firm has already been in talks with local stakeholders and undertaken feasibility studies, and previously announced plans for its 1500MW Great Southern Offshore Wind Great Southern Offshore Wind (1500MW) Offshoreoff Gippsland, Victoria, Australia, Asia-Pacific Click to see full details project, also off the coast of Gippsland in Victoria state.

A Corio spokesman said that both projects will use fixed bottom foundations but that it is too early to outline a construction and delivery timeframe, as this depends on the project winning approval.

Corio CEO Jonathan Cole said the firm sees “a significant opportunity for offshore wind in Australia, which enjoys an abundance of this natural resource”. He added that Australia offers “clear regulatory frameworks and government support” and is confident that offshore wind “will play an important role in the mix of renewable energy that supports Australia’s transition to a lower-carbon economy”.

Australia passed the Offshore Electricity Infrastructure Act in December 2021, setting out licensing rules to facilitate construction, operation and decommissioning of renewable projects, and identify suitable areas for licensing. The government announced the Bass Strait off Gippsland as “Australia’s first priority area to be assessed for suitability for offshore wind development”  in April 2022, while new prime minister Anthony Albanese wants Australia to become a “renewables superpower”.

At a regional level, the government of Victoria is aiming to reach net zero emissions, with targets of 4GW of offshore wind by 2035 and 9GW by 2040. It is seeking its first offshore wind by 2028. Gippsland is also the location for several other offshore wind power developments, with Copenhagen Infrastructure Partners and BlueFloat Energy also eyeing offshore wind projects there.

Corio is a standalone offshore wind business formed by financial services group Macquarie’s Green Investment Group. It has a portfolio of 15GW of offshore wind globally, both in Europe and in Asia, with investments in South Korea, Taiwan, Japan, Ireland and the UK. 

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