Macquarie launches offshore wind energy business

Australia’s financial conglomerate Macquarie’s Green Investment Group (GIG) will spin off its 15 gigawatt pipeline of offshore wind farms worldwide into a separate company under the name of Corio Generation, the company said on Thursday.

The new company, Corio Generation, will begin its operation next month. The company will originate, develop, build and operate offshore wind projects. They will start with the ongoing portfolios in Britain, Europe, South Korea, Taiwan, and Australia.

“I believe that Corio will play a significant role in accelerating the deployment of offshore wind around the world,” said Jonathan Cole, incoming CEO of Corio.

The company said it will also seek new opportunities to create “world-class” offshore wind assets that will support local economies; as they simultaneously look to meet the energy needs of communities and corporate off-takers – sustainably, reliably, safely and responsibly.

Macquarie was largely focused on raising finance for wind farm projects. However, it has increasingly invested in becoming both a developer and an operator.