Macquarie’s Green Investment Group (GIG) is to launch a new specialist offshore wind business called Corio Generation that will be based in the UK with offices in London and Edinburgh.
Corio, which will be led by ex-Iberdrola offshore boss Jonathan Cole (pictured), will start operations in April 2022 with a project pipeline of over 15GW.
Corio will be a GIG portfolio company operating on a standalone basis and take projects from origination, through development and construction, and into operations.
The company will apply a long-term partnership approach to the creation and management of projects, underpinned by access to long-term capital sourced both within Macquarie and from third parties, it said.
The unit will continue the development of GIG’s existing portfolio – which includes previously announced projects in the UK, Europe, Taiwan, Korea, and Australia.
The business will also seek new opportunities to create offshore wind assets that support local economies while meeting the energy needs of communities and corporate off-takers, it added.
Over 100 staff will be transferred into the new business, and more will be recruited in the coming year.
Cole said: “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.”
Samuel Leupold, who is currently GIG’s chairman of offshore wind energy, will also join Corio as chair.
Leupold brings to the role over 20 years of professional experience in the energy sector from past roles at Orsted, ABB and McKinsey.
Corio plans to 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.