Corio Generation, an offshore wind portfolio company of Macquarie’s Green Investment Group (GIG) is looking to add to its fast-growing offshore wind pipeline across the Asia-Pacific with project proposals for upcoming auctions in the Philippines.
The government of the archipelago of more than 7,600 islands is looking to reach a target of 35% renewables in its energy generation mix by 2030 and 50% by 2040.
Corio is aiming to develop up to five projects totalling 3 GW off the coasts of Cavite, Batangas-Mindoro, IIoilo and Guimaras under wind energy service contracts that provide site exclusivity. This pipeline comprises 2 GW of bottom-fixed and 1 GW of floating wind projects and will target the upcoming ‘Green Energy Auction’ in 2024.
“Our team has been exploring multiple opportunities in the country and is optimistic about participating in future auctions. This is a country with abundant natural resources and many suitable sites for offshore wind power,” said Corio’s deputy CEO Alejandro de Hoz.
Corio is currently developing projects in Asia-Pacific markets, including Australia, South Korea, Taiwan and Vietnam. The company was established in April 2022, and the team behind it has been exploring opportunities in the Philippines since prior to its launch.
