Offshore wind
13 June 2022
GIG portfolio company Corio Generation, today announces its plans for offshore wind in Brazil, with five projects totalling more than 5 GW in early-stage development.
Corio intends to develop the five projects, subject to finalisation of documentation and regulatory approvals, alongside a leading Brazilian power generation company Servtec, which has been in the renewables sector for more than 20 years and played a leading role in the establishment of the country’s onshore wind industry.
Corio and Servtec are aiming to apply for leases for the five fixed-bottom projects in the country’s north-eastern, south-eastern and southern maritime areas, ranging from about 500 MW to over 1.2 GW in installed capacity.
With favourable wind speeds along a coastline stretching across 8,000 kilometres, Brazil is seen as a major new growth market for offshore wind. Factors driving demand include the need to identify new sources of low-cost renewable energy, as well as rising electricity demand in heavily populated coastal areas1.
Corio Generation is a GIG portfolio company operating on a standalone basis.
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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
1. IHS Markit: https://cleanenergynews.ihsmarkit.com/research-analysis/brazilian-offshore-wind-sector-reaches-the-runway.html
