Corio Generation , a portfolio company of Green Investment Group (GIG), has partnered with the Ontario Teachers’ Pension Plan Board (Ontario Teachers) to develop up to 9GW of offshore wind capacity worldwide.
The partnership covers 14 fixed-bottom and floating projects in South Korea, Taiwan, Japan, Ireland and the UK, which Corio is currently developing.
Ontario Teachers will provide an investment of up to $1bn for the development of these projects.
Corio Generation CEO Jonathan Cole said: “Corio Generation is committed to accelerating the global deployment of renewable energy by delivering its global portfolio of offshore wind projects.
“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.”
The deal is expected to close in the third quarter of this year subject to customary closing conditions being met and regulatory approvals being given.
Ontario Teachers will acquire 50% of Corio’s stake in the offshore projects and will also support their development, construction and operation activities.
The two companies also intend to further expand their partnership by creating or acquiring new projects.
Ontario Teachers Infrastructure and Natural Resources and Greenfield Investments and Renewables managing director Chris Ireland said: “We are pleased to partner alongside Corio and support the development of a high-quality, global portfolio of offshore wind projects.
“Offshore wind is poised for significant growth in the years ahead as countries work towards ambitious decarbonisation 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.”