Corio Generation, a portfolio company of Green Investment Group (GIG), has partnered with the Ontario Teachers’ Pension Plan Board (Ontario Teachers) to develop up to 9 GW of offshore wind capacity worldwide. The collaboration encompasses 14 fixed-bottom and floating projects that Corio is currently building in South Korea, Taiwan, Japan, Ireland, and the UK. For the development of these projects, Ontario Teachers will contribute up to $1 billion.
The transaction is expected to close in the third quarter of this year, subject to usual closing conditions and regulatory approval. Ontario Teachers will own 50 per cent of Corio’s investment in the offshore projects and will help with their development, construction, and operation activities. The two companies also plan to expand their partnership by developing or acquiring new projects.
In February 2022, Agder Energi partnered with Macquarie-owned GIG to bid for a floating offshore wind project in the North Sea’s Utsira Nord zone. The Utsira Nord zone, with a capacity of 1.5 GW, is one of two regions where the Norwegian government has solicited license applications. With a combined shareholding of 54.47 per cent, 25 Norwegian municipalities own the majority of Agder Energi. Statkraft owns the balance of the utility.
REGlobal’s Views: Investors worldwide are hopping on the clean energy bandwagon as oil and gas crisis deepens and renewable power becomes more affordable and promising across all markets.
