Corio Generation, Q-Energy team up on floating wind in Spain

Global offshore wind specialist Corio Generation has partnered with Madrid-based energy transition investor Q-Energy on exploring development opportunities in Spain’s nascent floating wind sector.

In a joint statement on Tuesday, the parties said they had signed the partnership agreement and started preliminary work to identify suitable sites for floating wind farms along Spain’s coasts. They did not mention any capacity figures nor did they state any plans to enter into Spain’s floating wind auction that the market is expecting this year.

The Corio/Q-Energy alliance is the latest in the string of floating wind partnerships announced this year in response to the Spanish government’s road map for ocean-based renewables, in which the target for floating wind is set at between 1 GW and 3 GW of capacity by 2030.

More recently, Irish ocean energy developer Simply Blue Group and two Spanish firms, Proes Consultores and FF New Energy Ventures joined the race by forming a joint venture (JV) to pursue some 2 GW worth of floating wind projects off Spain and Portugal.

This spring saw floating wind pairings announced between Spanish firm Capital Energy and Shell Plc (LON:SHEL), Naturgy Energy Group SA (BME:NTGY) and Norwegian multi-energy group Equinor ASA (NYSE:EQNR), and Repsol SA (BME:REP) and Ørsted A/S (CPH:ORSTED).

Corio Generation, a portfolio company of Macquarie’s Green Investment Group, has been all over the globe since its April 2022 launch, accumulating over 20 GW of projects in Europe, Asia Pacific and the Americas. Q-Energy, for its part, manages over 1.6 GW of energy capacity, including solar PV, concentrated solar power and wind power in Spain, Germany, Poland and Italy.

“When you combine the industrial capabilities and long-term capital Corio provides with Q-Energy’s vast renewables experience and local market knowledge, we believe there is no better match for helping to unleash Spain’s offshore wind potential,” commented Alejandro de Hoz, Global Head of Development and Deputy CEO of Corio Generation.

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