The agreement commits both parties to prepare joint bids for upcoming offshore wind tenders expected in the country later this year.
The MoU sees Corio and Hyperion join a list of other renewable energy companies and developers hoping to secure rights to develop projects in Portuguese waters.
The country currently has an operational offshore wind fleet of just 25MW, but a pipeline of almost 4.5GW according to Windpower Intelligence, the research and data division of Windpower Monthly.
Earlier this year Portugal mapped out zones to support 11GW of offshore wind capacity ahead of holding its first tenders.
Danish developer Copenhagen Infrastructure Partners (CIP), French floating specialist BW Ideol, German company BayWa and a pairing of SSE and Acciona are among the firms to have already announced proposals.
Corio is currently developing offshore wind farms off Australia, Brazil, France, Ireland, Norway, Taiwan and elsewhere. Meanwhile, Hyperion has a 3.4GW renewable energy pipeline across wind, solar, storage, and green hydrogen projects.
Portugal already generates up to 65% of its electricity from renewable sources at present and hopes to reach 80% by 2026. Wind energy supplies approximately 30% of the country’s electricity, according to figures from Universidad de Navarra, with nearly all of the country’s 5.7GW of installed wind capacity coming from onshore wind farms.