Macquarie’s Green Investment Group (GIG) is planning to launch a new offshore wind business led by Jonathan Cole, the former managing director at Iberdrola’s offshore renewables business.

GIG said Corio Generation is expected to begin operations next month with a project pipeline of over 15GW, making the newly created business one of the world’s largest specialist offshore wind developers.

Corio will be led by Cole, who joins the business as CEO after more than a decade as leader of Iberdrola’s offshore wind business. 

Samuel Leupold, who is currently GIG’s chairman of offshore wind energy, will also join Corio as chair, GIG said, adding that it expects over 100 staff to be transferred into the new business.

“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,” Cole said.

UK-headquartered Corio will continue the development of GIG’s existing portfolio and will also seek new opportunities.

Corio will be active in a variety of European markets as well as Japan, Korea, Taiwan and Australia. The business will also explore opportunities to enter the Americas, GIG said.

Mark Dooley, the global head of Green Investment Group, said: “We were one of the earliest investors in the offshore wind market, and over the last decade we’ve built one of the world’s largest development portfolios across the UK, Ireland, Scandinavia, Taiwan, Korea, Japan, Australia, Southeast Asia and beyond.

“Consolidating that momentum and capability into Corio gives this business the opportunity to be a leading player in the next era of offshore wind. By leveraging deep expertise and access to capital, Corio will apply all its energy to deliver the next generation of offshore wind projects in established and emerging markets worldwide.”

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