A new offshore wind business launched by Macquarie’s Green Investment Group has teamed up with Ontario Teachers’ Pension Plan Board to develop offshore wind projects.

Corio Generation has partnered with the C$242bn (€180.4bn) Ontario Teachers’ pension fund to finance the development of an initial portfolio of up to 9GW in wind projects.

Ontario Teachers’ will invest up to US$1bn (€950.2m) in development capital, the companies said in a joint statement.

The partnership’s portfolio will consist of 14 fixed bottom and floating projects in South Korea, Taiwan, Japan, Ireland and the UK, all of which are currently under development by UK-headquartered Corio.

As part of the partnership, Ontario Teachers’ will acquire up to half of Corio’s stake in these projects, supporting development, construction and operation.

The companies said they will also explore opportunities to expand the partnership through the creation or acquisition of new projects.

Jonathan Cole, the CEO of Corio Generation, said: “This partnership with Ontario Teachers’ represents a highly significant milestone on our journey and demonstrates Corio’s capability to bring together a large-scale global portfolio, a team of industrial experts and world-class investment partners. With this collaboration with Ontario Teachers’, Corio will generate vast amounts of clean, affordable electricity and support thousands of green jobs, while providing attractive returns on investment.”

Chris Ireland, greenfield investments and renewables, infrastructure and natural resources managing director at Ontario Teachers’ said: “Offshore wind is poised for significant growth in the years ahead as countries work towards ambitious decarbonization goals. This has been a strategic focus sector for Ontario Teachers’ for several years and is a natural fit in our portfolio as we work towards our net-zero targets.”

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