Corio Generation, an offshore wind portfolio company of Macquarie’s Green Investment Group (GIG) has teamed up with Portuguese renewable energy developer Hyperion Renewables to explore opportunities to build offshore wind projects off the coast of Portugal ahead of the country’s first-ever offshore wind auctions.
The two companies have signed a memorandum of understanding to work together in preparing applications for offshore wind tenders expected later in 2023. In January 2023, Portugal announced a target to award 10 GW of offshore wind capacity by 2030, with the majority expected to be floating wind sites.
The agreement would mark Corio’s entry into the Portuguese market. The UK-headquartered firm has a 30 GW portfolio of projects in Europe, Asia-Pacific and the Americas. Its floating wind portfolio includes the 1.5 GW Gray Whale project in South Korea, which is expected to be one of the largest floating offshore wind farms in the world. In addition, the business is developing multiple floating projects in Europe in France, the UK and Norway.
Hyperion Renewables has developed 640 MW of projects across Iberia since the company was first established in 2006, and has a 3.4 GW pipeline across solar, wind, green hydrogen and storage technologies.
“As an early-stage market for offshore wind, it was essential to join forces with a Portuguese partner who intimately knows the local market and its regulatory landscape, and the team at Hyperion fits this description perfectly,” said Guillermo Martínez-Navas, head of new markets and Americas at Corio.
