Macquarie-Owned Corio Generation Forms Offshore Wind JV with Ontario Teachers’ Pension
Posted on 05/12/2022
Newly-launched London-based Corio Generation (GIG OSW Investments Limited) entered into a joint venture with Ontario Teachers’ Pension Plan Board to fund the development of an initial portfolio of up to 9 GW offshore wind projects.
The portfolio will consist of 14 fixed bottom and floating projects in South Korea, Taiwan, Japan, Ireland, and the United Kingdom, all of which are currently under development by Corio. Ontario Teachers’ will acquire up to half of Corio’s stake in these projects, supporting development, construction and operation. Corio and Ontario Teachers’ will also explore opportunities to expand the partnership through the creation or acquisition of new projects. In total, the partnership so far represents an investment of up to US$ 1 billion in development capital from Ontario Teachers’. Ontario Teachers’ is a major infrastructure investor with C$ 26.1 billion in infrastructure assets across five continents, including a sizeable portfolio of renewable assets.
Corio Generation, a Green Investment Group portfolio company, is a specialist offshore wind business and home to one of the world’s largest offshore wind development portfolios. Green Investment Group is a specialist green investor within Macquarie Asset Management, part of Macquarie Group. Corio Generation commenced operations in April 2022 with a 15 GW global development pipeline.
Subject to the satisfaction of customary closing conditions and regulatory approvals, the transaction between Corio and Ontario Teachers’ is expected to reach completion in the third quarter of 2022.
Corio Generation projects
Europe
Outer Dowsing, UNITED KINGDOM
Project capacity: up to 1.5 GW
Early-stage development of a 1.5 GW offshore wind project located off the UK’s Lincolnshire coast. The project is owned and developed by a 50/50 joint venture between Corio and TotalEnergies
West of Orkney, UNITED KINGDOM
Project capacity: up to 2 GW
Currently in early-stage development of a 2 GW offshore wind farm – the West of Orkney Windfarm. The project is located 30 kilometres off the west coast of Orkney in Scotland and is being developed as part of a joint venture between Corio, TotalEnergies and RIDG
Sceirde Rocks, IRELAND
Project capacity: up to 450 MW
Currently developing a proposed 450 MW offshore wind farm located off the west coast of Ireland near Galway. The project has been designated as one of seven ‘Relevant Status’ developments by the Department of Environment, Climate Action and Communications, positioning the development to be in the first wave of offshore wind projects in Ireland for delivery by 2030
Utsira Nord, NORWAY
Project capacity: up to 1.5 GW
Joined forces with Agder Energi to bid for a floating offshore wind project at Ustira Nord, in the Norwegian North Sea. Utsira Nord (1.5 GW) is one of two areas the Norwegian Government opened to licensing applications for offshore wind development
Sørlige Nordsjø II, NORWAY
Project capacity: up to 3 GW
Joined forces with Vårgrønn and Agder Energi to bid for a site in the Norwegian Sørlige Nordsjø II area, comprising up to 3 GW of new offshore wind capacity. Sørlige Nordsjø II is the second area the Norwegian Government opened to licensing applications for offshore wind development
Kattegatt, SWEDEN
Project capacity: up to 260 MW
Currently developing a 260 MW offshore wind project – Kattegatt Offshore Wind Farm, situated off the coast of the Falkenberg municipality in Halland, Sweden. We are developing Kattegatt in partnership with Wind Sweden who supported the previous owners with the development of the project for over three years
Southern Brittany, FRANCE
Project capacity: up to 270 MW
Joined forces with TotalEnergies and Qair to form a consortium and participate in an upcoming competitive tender for the development of a floating wind farm of up to 270 MW in Southern Brittany, France
Asia Pacific
Cheongsapo, SOUTH KOREA
Project capacity: 40 MW
Cheongsapo is expected to be one of South Korea’s first privately sponsored offshore wind farms. Currently co-developed with GWindSky and Hanwha Investment and Securities, this 40 MW project is expected to commence commercial operations in 2025
Dadaepo, SOUTH KOREA
Project capacity: up to 96 MW
The 96 MW Dadaepo offshore wind farm is currently in the development phase and will be located in Donghae, Busan, South Korea. The project is expected to become a notable landmark in the Busan area and is scheduled to begin construction in 2023 and enter into commercial operations in 2025.
Gijang, SOUTH KOREA
Project capacity: up to 200 MW
The 200 MW Gijang Offshore Wind development project, is located near the Gijang County in Busan, South Korea. The project is the largest of Corio’s three fixed-bottom offshore wind projects in Busan and expected to commence commercial operations in 2027.
The Gray Whale Portfolio, SOUTH KOREA
Project capacity: up to 1.5 GW
The Gray Whale portfolio consists of three 500 MW floating offshore wind developments, located in Ulsan, South Korea. The projects are currently being co-developed with TotalEnergies. Once complete, the 1.5 GW portfolio is expected to be the world’s largest floating offshore wind development project.
Maenggoldo, SOUTH KOREA
Project capacity: up to 600 MW
Maenggoldo Offshore Wind, located near the coast of Jindo, South Korea, is a fixed-bottom offshore wind project being co-developed with TotalEnergies. The project is currently scheduled to commence under two phases starting 2026.
Geomundo, SOUTH KOREA
Project capacity: 500 MW
They have joined forces with TotalEnergies to co-develop the 500 MW Geomundo Offshore Wind project off the coast of Yeosu, Korea. The project is expected to be the first floating offshore wind project of the southwestern region of Korea.
Formosa 3, TAIWAN
Project capacity: up to 2 GW
Formosa 3 is a development project comprising three offshore wind farm sites in Changhua County on the central-western coast of Taiwan. These sites have a potential total capacity of up to 2 GW. They are developing Formosa 3 in partnership with JERA, and EnBW.
Saga and Satsuma, JAPAN
Project capacity: up to 600MW
They are currently in early-stage development of two 600 MW fixed foundation offshore wind projects located off the coast of Saga and Kagoshima Prefectures, Japan. Saga is being developed in partnership with Osaka Gas and Iberdrola Renewables Japan, while Satsuma is being developed with Mitsui Fudosan and Iberdrola Renewables Japan.
Great Southern, AUSTRALIA
Project capacity: up to 1.5 GW
They have identified an area off the Bass Coast Shire in Gippsland, Victoria, and are currently undertaking preliminary development works and for an up to 1.5 GW offshore wind farm. The project boundary will be further refined through ongoing feasibility studies and consultation with local stakeholders.
Source: Corio Generation.
Keywords: Ontario Teachers Pension Plan.
