Macquarie’s Green Investment Group (GIG) is set to launch a new specialist offshore wind business in April with a project pipeline of over 15 GW.
Named Corio Generation (Corio), the new company will operate on a standalone basis and take projects from origination, through development and construction, and into operations. The company will be headquartered in the UK, with offices in London and Edinburgh. Corio will continue the development of GIG’s existing portfolio, which includes previously announced projects in the UK, Europe, Taiwan, Korea, and Australia. The business will also explore opportunities to enter the Americas, GIG said.
Corio will combine GIG’s expertise in financing and structuring major renewables projects with its growing bench of offshore wind development and technology experts. Over 100 staff will be transferred into the new business as it commences operations and it should continue to recruit more staff in the coming year.
The company will be led by Jonathan Cole, who will join Corio as CEO after more than a decade as leader of Iberdrola’s offshore wind business. Samuel Leupold, who is currently Green Investment Group’s chairman of Offshore Wind Energy, will also join Corio as chair.
“I believe that Corio will play a significant role in accelerating the deployment of offshore wind around the world. From day one, we will be able to work with partners, suppliers and investors to deliver a major project pipeline that will not only provide vast quantities of clean affordable electricity but will also support thousands of green jobs,” said Jonathan Cole, incoming CEO of Corio.
