Corio Generation, a Macquarie Green Investment Group (GIG) portfolio company, plans to develop a 2.5 GW wind farm off the coast of Victoria, Australia. The Great Eastern Offshore Wind Facility will be built 22 km off the Wellington Shire in Gippsland, Victoria. The project is expected to generate enough clean energy to power around 1.6 million homes. Its construction is conditional on the completion of feasibility studies and stakeholder consultations.
Reportedly, Corio’s Australian offshore wind project portfolio is expected to expand to 4 GW with this project. This includes the previously announced 1.5 GW Great Southern Offshore Wind project, which will be located off the coast of Gippsland. Corio Generation, a specialist offshore wind company, was founded in April 2022.
In May 2022, Corio Generation 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. Ontario Teachers would contribute up to $1 billion for the development of these projects.
REGlobal’s Views: GIG founded Corio Generation in April 2022 as a specialist offshore wind business. Apart from its two large offshore wind projects planned in Australia, the company has also announced a massive offshore wind project in Brazil, and has an overall 20 GW project pipeline.