Green Investment Group to launch offshore wind energy business

Corio Generation is expected to start operations in April 2022 with one of the world’s largest project pipeline of more than 15GW of capacity

Macquarie’s Green Investment Group (GIG) has announced plans to launch a new specialist offshore wind energy business headquartered in the UK.

Called Corio Generation, it is expected to start operations in April 2022 with one of the world’s largest project pipeline of more than 15GW of capacity.

It will take projects from origination, through to development and construction and into operations, continuing the development of GIG’s existing portfolio, which includes previously announced projects in the UK, Europe, Australia, Korea and Taiwan.

GIG Global Head Mark Dooley said: “We were one of the earliest investors in the offshore wind market and over the last decade we’ve built one of the world’s largest development portfolios across the UK, Ireland, Scandinavia, Taiwan, Korea, Japan, Australia, Southeast Asia and beyond. Consolidating that momentum and capability into Corio gives this business the opportunity to be a leading player in the next era of offshore wind.

“By leveraging deep expertise and access to capital, Corio will apply all its energy to deliver the next generation of offshore wind projects in established and emerging markets worldwide.”

More than 100 staff will be transferred to the new business, which will be led by Jonathan Cole, who will join Corio after more than a decade as the head of Iberdrola’s offshore wind business.

He was previously responsible for the development, construction and operation of more than 30GW of projects in Europe, the Americas and Asia.

Mr Cole added: “I am hugely excited by this unique opportunity to lead a business that combines some of the world’s best financial and industrial expertise – and I believe that Corio will play a significant role in accelerating the deployment of offshore wind around the world.

“From day one, we will be able to work with partners, suppliers and investors to deliver a major project pipeline that will not only provide vast quantities of clean affordable electricity but will also support thousands of green jobs.”

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