Offshore wind developer Corio Generation has entered into a joint venture with global investor Ontario Teachers’ Pension Plan Board to fund the development of up to 9GW of offshore wind projects.
The partnership represents an investment of up to $1bn in development capital from Ontario Teachers’.
The initial portfolio will consist of 14 fixed bottom and floating projects in South Korea, Taiwan, Japan, Ireland and the UK, all of which are 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.
Ontario Teachers’ is a major infrastructure investor with $20bn in infrastructure assets across five continents, including a sizeable portfolio of renewable assets.
Corio Generation, a Macquarie Green Investment Group (GIG) portfolio company, claims to hold one of the world’s largest offshore wind development portfolios.
By combining a “unique blend of sector-leading expertise with deep access to institutional capital”, Corio applies a long-term partnership approach to the creation and management of projects.
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 CEO Jonathan Cole said: “Corio Generation is committed to accelerating the global deployment of renewable energy by delivering its global portfolio of offshore wind projects.
“This partnership with Ontario Teachers’ represents a highly significant milestone on our journey and demonstrates Corio’s capability to bring together a large-scale global portfolio, a team of industrial experts and world-class investment partners.
“With this collaboration with Ontario Teachers’, Corio will generate vast amounts of clean, affordable electricity and support thousands of green jobs, while providing attractive returns on investment.”
Chris Ireland, managing director, greenfield investments and renewables, infrastructure and natural resources at Ontario Teachers’, said: “We are pleased to partner alongside Corio and support the development of a high-quality, global portfolio of offshore wind projects.
“Offshore wind is poised for significant growth in the years ahead as countries work towards ambitious decarbonisation goals.
“This has been a strategic focus sector for Ontario Teachers’ for several years and is a natural fit in our portfolio as we work towards our net-zero targets.”