Corio Generation announces plans for its first offshore wind projects in Brazil
Collaboration with Brazilian developer Servtec to build five fixed-bottom projects
Announcement means Corio now has over 20 GW in development worldwide
Corio Generation, a global offshore wind business, today announces its plans for offshore wind in Brazil, with five projects totalling more than 5 GW in early-stage development.
Corio Generation is a portfolio company of Macquarie’s Green Investment Group, operating on a standalone basis. Launched in April 2022, Corio already has one of the world’s largest offshore wind development portfolios, now at over 20 GW.
Corio intends to develop five projects in Brazil, subject to finalisation of documentation and regulatory approvals, alongside leading Brazilian power generation company Servtec, which has been in the renewables sector for more than 20 years and played a major role in the establishment of the country’s onshore wind industry.
Corio and Servtec are aiming to apply for leases for the five fixed-bottom projects in the country’s north-eastern, south-eastern and southern maritime areas, ranging from about 500 MW to over 1.2 GW in installed capacity.
The companies have been working together for more than 18 months to analyse opportunities in the Brazilian market. Their joint analysis of the country’s marine areas and environmental and technical considerations led them to select these five sites to take forward into development.
Jonathan Cole, CEO of Corio Generation said: “Brazil is blessed with immense wind resources along its coastline, offering a vital new source of clean, affordable and reliable energy. We see huge opportunity for harnessing Brazil’s ocean wind energy, bringing economic investment and green jobs to the country.”
“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.”
Today’s announcement comes as the Brazilian federal government has set out plans to diversify the country’s renewable energy mix by unlocking the coastline’s offshore wind capacity. A January decree introduced a new regulatory framework for offshore wind and is effective from this June[i].
With favourable wind speeds along its vast coastline, Brazil is seen as a major new growth market for offshore wind. Factors driving demand include the need to identify new sources of low-cost renewable energy, as well as rising electricity demand in heavily populated coastal areas.
Lauro Fiuza Neto, Managing Partner at Servtec Energia 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 22 GW 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.”
Five Brazilian offshore wind projects:
- Costa Nordeste Offshore, North-east coast of Brazil, 1200+ MW
- Vitoria Offshore, South-east coast of Brazil, 495+ MW
- Guarita Offshore, South coast of Brazil, 1200+ MW
- Cassino Offshore, South coast of Brazil, 1200+ MW
- Rio Grande Offshore, South coast of Brazil, 1170+ MW
About Corio Generation
Corio Generation is a specialist offshore wind business, dedicated to harnessing offshore wind energy worldwide. With a unique blend of sector-leading expertise and deep access to long-term capital, we apply a long-term partnership approach to the creation and management of projects, taking them from origination, through development and construction, and into operations.
Our development portfolio is one of the largest in the world, spanning established and emerging markets, as well as floating and traditional fixed-bottom technologies. These next generation offshore wind projects will help form the backbone of the net-zero global energy system while meeting the energy needs of communities and corporate offtakers sustainably, reliably, safely and responsibly.
Corio Generation is a Green Investment Group (GIG) portfolio company, operating on a standalone basis. GIG is a specialist green investor within Macquarie Asset Management, part of Macquarie Group.
Source: coriogeneration
