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June 14, 2022

Corio plans to build five offshore wind projects in Brazil

The company will build the fixed-bottom offshore wind projects in cooperation with power generation firm Servtec Energia.

Offshore wind developer Corio Generation has unveiled plans to develop five offshore wind farms in Brazil with a combined capacity of more than 5GW.

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The company has collaborated with Brazilian power generation firm Servtec Energia to build the five fixed-bottom offshore wind projects.

Corio Generation CEO Jonathan Cole said: “This is an historic day for Corio, marking our company’s entry into the Americas.

“As a specialist developer of offshore wind energy, with strong industrial expertise and deep access to long-term capital, Corio is delighted to partner with Servtec, one of the most respected renewable generation developers in Brazil.”

Offshore from the Brazilian south coast, Corio intends to build the Guarita and Cassino offshore wind farms, both of which will have more than 1.2GW of capacity.

The company also plans to build the Rio Grande project, whose capacity will exceed 1.1GW, in the same area.

It plans to build the Costa Nordeste wind facility off the north-east coast of Brazil, as well as the Vitoria project off the country’s south-east coast.

Costa Nordeste will have more than 1.2GW of capacity, while the Vitoria project’s total capacity will amount to more than 495MW.

Development of the five projects is subject to the finalisation of documentation and regulatory approvals.

Servtec Energia managing partner Lauro Fiuza Neto said: “It is an honour for Servtec to join forces with Corio to support offshore wind power in Brazil.

“As a long-standing player in the renewable power industry, we’ve led efforts to build what is now a 22GW onshore wind power market.

“We are excited to again embark on a journey to create a complementary source of clean energy for Brazil towards the low-carbon economy of the future.”

Corio Generation is a portfolio company of the Green Investment Group, which is owned by Australian investment firm Macquarie.

Earlier this week, the company shared plans to build a 2.5GW wind farm offshore from Victoria, Australia.

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Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
by GlobalData
Enter your details here to receive your free Report.

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