Offshore wind
12 May 2022
GIG portfolio company, Corio Generation has today announced it 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 represents an investment of up to US$1 billion 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 is a GIG portfolio company, operating on a stand-alone basis.
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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
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.
