Macquarie GIG creates new green energy infra company
Macquarie’s Green Investment Group announces is to create one of the world’s largest specialist offshore wind developers. Corio Generation – which will operate from April 2022 – has a pipeline of plans for infrastructure that will generate 15 GW globally.
The new company will originate, develop and build projects, taking them through to the operational stage and will play a long-term partnership role, Macquarie GIG said in a statement.
Corio will continue the development of GIG’s existing portfolio which includes project in the UK, Europe, Taiwan, Korea, and Australia. New opportunities will also be sought.
Corio said it will combine financing and structuring major renewables projects with offshore wind development and technology expertise. More than 100 staff will be transferred into the new business and more will be recruited this year.
The company led by newly appointed CEO Jonathan Cole, who joins from Iberdrola’s offshore wind business.
GIG and Macquarie behind half UK’s offshore wind capacity
GIG said that forming Corio is its latest commitment to offshore wind, having played a pivotal role in the development of the UK’s offshore wind market and, with Macquarie, it has supported over 50% of the UK’s current offshore wind capacity.
Corio will be headquartered in the UK with offices in London and Edinburgh, but will be active in a variety of European markets as well as Japan, Korea, Taiwan and Australia. The business will also explore opportunities to enter the Americas
The total capacity of offshore wind farms expected to reach 228 GW in 2030, the company pointed out. This requires greater collaborative action from businesses and governments around the world as well as around US$500 billion of investment in offshore wind by 2030.