GIG's Corio, Ontario Teachers’ pursuing 9-GW offshore wind JV

Corio Generation has joined hands with Ontario Teachers’ Pension Plan Board in an alliance that aims to finance the development of up to 9 GW of offshore wind projects globally.

Corio, a portfolio company of Macquarie’s Green Investment Group (GIG), said on Thursday that its partner has committed to spending USD 1 billion (EUR 962m) in order to buy up to 50% of Corio’s stake in the pipeline. As joint venture partners, the companies will seek to realise 14 fixed-bottom and floating offshore projects in South Korea, Taiwan, Japan, Ireland and the UK.

The specific projects are currently being developed by Corio.

The deal is pending regulatory clearance and is expected to wrap up in the third quarter. On a broader scale, the partners said they will be looking for opportunities to expand the initiative by embarking on additional projects or making acquisitions.

“Offshore wind is poised for significant growth in the years ahead as countries work towards ambitious decarbonization goals,” said Chris Ireland, Managing Director, Greenfield Investments and Renewables, Infrastructure and Natural Resources at Ontario Teachers’ Pension Plan Board. He added that offshore wind has been a strategic focus segment for the Canadian infrastructure investor for several years, in line with its goal of achieving net-zero greenhouse gas emissions across its portfolio by 2050.

Corio, which started doing business in April, has an offshore wind development portfolio totalling 15 GW.

(USD 1.0 = EUR 1.040)

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