Corio Generation has formed a joint venture with Ontario Teachers’ Pension Plan to fund the development of up to 9 gigawatts of offshore wind worldwide. Ontario Teachers’ will invest up to $1 billion in the joint venture and acquire up to half of Corio’s stake in 14 fixed bottom and floating projects. Corio, an offshore wind business, is backed by Green Investment Group, an affiliate of Macquarie Asset Management.
Newly launched Corio Generation (Corio) has entered into a joint venture with leading global investor Ontario Teachers’ Pension Plan Board (Ontario Teachers’) to fund the development of an initial portfolio of up to 9 GW offshore wind projects.
The portfolio will consist of 14 fixed bottom and floating projects in South Korea, Taiwan, Japan, Ireland and the UK, all of which are currently 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. In total, the partnership announced today represents an investment of up to US$1 billion in development capital from Ontario Teachers’.
Ontario Teachers’ is a major infrastructure investor with C$26.1 billion in infrastructure assets across five continents, including a sizeable portfolio of renewable assets. As a long-term, responsible investor, it is an ideal partner to invest alongside Corio.
Corio Generation, a Green Investment Group portfolio company, is a specialist offshore wind business and home to 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 Q3 2022.
Jonathan Cole, CEO of Corio Generation, 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 decarbonization 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.”
Corio has been established at a time when the demand for green electricity continues to rise – with the total capacity of offshore wind farms expected to reach 228 GW in 2030. This requires greater collaborative action from businesses and governments around the world as well as around US$500 billion of investment in offshore wind by 2030.
Ontario Teachers’ has committed to achieving net-zero greenhouse gas emissions across its portfolio by 2050. It has also set ambitious interim reduction targets to reduce portfolio carbon emissions intensity by 45% by 2025 and 67% by 2030, compared to a 2019 baseline.
About Corio Generation
Corio Generation is a specialist offshore wind business, dedicated to harnessing offshore wind energy worldwide. With a unique blend of sector-leading expertise and deep access to long-term capital, we apply a long-term partnership approach to the creation and management of projects, taking them from origination, through development and construction, and into operations.
Our 15 GW development portfolio is one of the largest in the world, spanning established and emerging markets, as well as floating and traditional fixed-bottom technologies. These next generation offshore wind projects will help form the backbone of the net-zero global energy system while meeting the energy needs of communities and corporate offtakers sustainably, reliably, safely and responsibly.
Corio Generation is a Green Investment Group (GIG) portfolio company, operating on a standalone basis. GIG is a specialist green investor within Macquarie Asset Management, part of Macquarie Group. For more information visit coriogeneration.com and follow us on Twitter @CorioGeneration
About Ontario Teachers’
Ontario Teachers’ Pension Plan Board (Ontario Teachers’) is a global investor with net assets of C$241.6 billion as at December 31, 2021. We invest in more than 50 countries in everything from equities to real estate to infrastructure and venture growth, to deliver retirement income for 333,000 current and retired teachers in Ontario.
With offices in Hong Kong, London, San Francisco, Singapore and Toronto, our more than 350 investment professionals bring deep expertise in industries ranging from agriculture to artificial intelligence. We are a fully funded defined benefit pension plan and have earned an annual total-fund net return of 9.7% since the plan’s founding in 1990. At Ontario Teachers’, we don’t just invest to make a return, we invest to shape a better future for the teachers we serve, the businesses we back, and the world we live in. For more information, visit otpp.com and follow us on Twitter @OtppInfo.