Investment group

Green Investment Group creates an offshore wind unit

Macquarie’s Green Investment Group (GIG) has announced plans to launch a new offshore wind business, Corio Generation (Corio). Corio will begin operations in April 2022 with a project portfolio of over 15 GW.

As a GIG portfolio company operating on a stand-alone basis, Corio will drive projects from inception, through development and construction, to operation. Corio said it will apply a long-term partnership approach to creating and managing projects, underpinned by access to long-term capital from both Macquarie and third parties.

Corio will continue to develop GIG’s existing portfolio, which includes previously announced projects in the UK, Europe, Taiwan, Korea and Australia. The company will also seek new opportunities.

More than 100 employees will transfer to the new company when it begins operations in April, and it will continue to recruit more staff in the coming year.

Corio will be led by Jonathan Cole, who will join the company as CEO after more than a decade at the helm of Iberdrola’s offshore wind business. He has experience in the development of offshore wind projects and was previously responsible for the development, construction and operation of over 30 GW of projects in Europe, America and Asia.

“I am extremely excited about this unique opportunity to lead a business that combines some of the best financial and industrial expertise in the world – and I believe Corio will play an important role in accelerating the deployment of offshore wind in world. From day one, we will be able to work with partners, suppliers and investors to deliver a pipeline of major projects that will not only deliver large amounts of clean, affordable electricity, but will also support thousands of ‘green jobs,’ said Jonathan Cole, incoming CEO at Corio.

Samuel Leupold, who is currently chairman of Green Investment Group for offshore wind energy, will also join Corio as chairman. Mr. Leupold brings to this role more than 20 years of professional experience in the energy sector gained with Ørsted, ABB and McKinsey.

Mark Dooley, Global Head, Green Investment Group, said: “We were one of the earliest investors in the offshore wind market and over the past decade have built one of the world’s largest development portfolios in the UK, Ireland, Scandinavia, Taiwan, Korea, Japan, Australia, Southeast Asia and beyond. Consolidating this momentum and capability into Corio gives this company the opportunity to be a leading player plan into the next era of offshore wind. Leveraging deep expertise and access to capital, Corio will apply all of its energy to delivering the next generation of offshore wind projects in established and emerging markets around the world .

Corio will be headquartered in the UK, with offices in London and Edinburgh, and will be active in various European markets as well as Japan, Korea, Taiwan and Australia. The company will also explore opportunities to enter the Americas. GIG stressed that the company will seek to work with and develop local supply chain partners to maximize the local economic value of the next generation of major offshore projects.