Corio Generation, a portfolio company of Macquarie’s Green Investment Group, is planning to build a 2.5GW wind farm offshore from Victoria, Australia.
The Great Eastern Offshore Wind facility is planned to be built on a site located 22km from the Wellington Shire coast in Gippsland, Victoria.
The project will generate enough clean energy to power around 1.6 million homes.
Its construction is subject to the completion of feasibility studies and consultations with local stakeholders.
With this project, Corio’s Australian offshore wind project portfolio is expected to increase to 4GW.
This includes the previously announced 1.5GW Great Southern Offshore Wind project, which is located offshore from Gippsland’s Bass Coast.
Corio Generation CEO Jonathan Cole said: “We see a significant opportunity for offshore wind in Australia, which enjoys an abundance of this natural resource.
“This, together with clear regulatory frameworks and government support, means offshore wind can contribute to Australia’s energy transition, as well as support local businesses and jobs in the green economy.
“While offshore wind is a new technology in Australia, it is well established in countries such as the UK where it is a proven, clean and cost-competitive source of electricity.
“Offshore wind will play an important role in the mix of renewable energy that support Australia’s transition to a lower-carbon economy.”
Corio Generation was launched in April this year as a specialist offshore wind business.
Last month, the company entered a partnership with the Ontario Teachers’ Pension Plan Board (Ontario Teachers) for developing up to 9GW of offshore wind capacity worldwide.
The partnership covers 14 fixed-bottom and floating projects being developed by Corio in South Korea, Taiwan, Japan, Ireland and the UK.
Ontario Teachers has agreed to invest up to $1bn in the development of these projects.