Macquarie’s GIG to set up offshore wind developer with 15-GW pipeline
The East Anglia One offshore wind farm in the North Sea.
Australia-based Macquarie Group Ltd’s (ASX:MQG) Green Investment Group (GIG) on Wednesday unveiled plans to establish an offshore wind development company with a 15 GW development pipeline.
To be dubbed Corio Generation, the new entity will start doing business in April, operating on a standalone basis. It will handle the development of GIG’s existing portfolio and will also seek new business opportunities.
According to GIG, UK-based Corio will be one of the world’s largest developers of offshore wind projects. The company will operate in Europe, Japan, Korea, Taiwan and Australia and will aim to enter the Americas.
With personnel of over 100 people, Corio will focus on all aspects of project implementation, from origination, through development and construction and into operations. It will source capital both from the Macquarie Group and from third parties.
The new company will be headed by Jonathan Cole as CEO, who was previously in charge of Iberdrola’s offshore wind business. Samuel Leupold, currently the chairman of Offshore Wind Energy at GIG, will join Corio as Chair.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.