Macquarie's Green Investment Group Announces Creating Offshore Wind Business

Published on: 04 March 2022
by KnowESG
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A Brief Summary

Macquarie, an infrastructure investment giant, through its Green Investment Group (GIG), announced creating a new specialist offshore wind business called Corio Generation. It will become one of the world's largest pipeline projects once launched next month.

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Macquarie launched its Green Investment Group (GIG) in 2017 when the Australian banking giant bought the Uk government's Green Investment Bank, which deals in major offshore wind projects in the UK.

Macquarie has opted to separate its offshore wind business and create Corio as a "GIG portfolio company operating on an independent basis." It will have a project pipeline of more than 15 GW and will be responsible for moving projects from origination to development, construction, and operation.

According to Macquarie, Corio will continue to build GIG's existing portfolio that includes previously announced projects in the UK, Europe, Taiwan, Korea, and Australia. It will also seek new opportunities worldwide including in the Americas.

More than 100 staff will be transferred into the new business that will be led by Jonathan Cole.

"I am hugely excited by this unique opportunity to lead a business that combines some of the world's best financial and industrial expertise - and I believe that Corio will play a significant role in accelerating the deployment of offshore wind around the world," said Cole. "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."