Corio, a Green Investment Group (GIG) portfolio company, has entered into a joint venture with investor 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.
In total, the partnership represents an investment of up to $1bn from Ontario Teachers’. Corio and Ontario Teachers’ said they would also explore opportunities to expand the partnership through the creation or acquisition of new projects.
Corio was established by GIG in April 2022 as a specialist offshore wind business and is operating on a stand-alone basis. 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.