Newly launched Corio Generation (Corio) has entered into a joint venture with leading global investor Ontario Teachers’ Pension Plan Board (Ontario Teachers’) to fund the development of an initial portfolio of up to 9 GW in offshore wind projects.
The portfolio will consist of 14 fixed bottom and floating projects in the UK, Ireland, South Korea, Taiwan and Japan, 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. Corio and Ontario Teachers’ will also explore opportunities to expand the partnership through the creation or acquisition of new projects. In total, the partnership announced today represents an investment of up to US$1 billion in development capital from Ontario Teachers’.
Ontario Teachers’ is a major infrastructure investor with C$26.1 billion in infrastructure assets across five continents, including a sizeable portfolio of renewable assets. As a long-term, responsible investor, it is an ideal partner to invest alongside Corio.
Corio Generation, a Green Investment Group portfolio company, is a specialist offshore wind business and home to one of the world’s largest offshore wind development portfolios. By combining a unique blend of sector-leading expertise with deep access to institutional capital, Corio applies a long-term partnership approach to the creation and management of projects.