Macquarie

“Given challenging market conditions in the offshore wind sector, Corio Generation is refocusing its global operations to prioritise the development of a smaller portfolio of projects which have the clearest route through to construction.”

“In the U.S., we have very little in the way of investments.”

Macquarie engaged Macquarie Capital as advisor to explore options for Corio that could include a sale of some or all of the business.

“Whether by good luck or excellent management, we find ourselves in a situation where we were born and came onto the market only two years ago. We haven't found ourselves in a situation where we've had to make cancellations of projects and write-offs.”

“The wind industry had successfully reduced costs to become competitive with alternatives. The industry can afford to go to £50 for offshore wind and still be economically viable. It is not the end of the world.”

“We were one of the earliest investors in the offshore wind market, and over the last decade we've built one of the world's largest development portfolios. Consolidating that momentum and capability into Corio allows this business to be a leading player in the next era of offshore wind.”

“We have been a long-term investor in the UK offshore wind sector, with an established Scottish footprint — and we are delighted that our commitment to these markets has been recognised.”

In offshore wind, Macquarie will focus on enabling infrastructure and facilitating installations in so-far undeveloped markets. After 2030, growth will be driven by new markets in Asia and the US.

“By evolving our approach from a focus on investing and developing individual assets to creating, acquiring, and partnering with specialist development businesses, we increased the portfolio's total capacity to over 30 GW across more than 240 projects.”

“With this investment, we're continuing our pioneering role in the UK's energy transition, and helping to establish offshore wind as the backbone of its new low-carbon energy system.”

“It is vital we take action to accelerate the shift to clean energy, building on rapid technological change and strong political support.”

“GIG has been rapidly expanding globally, and I'm delighted to be introducing the platform to the Japanese market. Our partnership with Iberdrola will have a profound impact on Japan's offshore wind industry.”

“I love offshore wind. We get to write big checks. It's an enormous game and governments are making seemingly higher and higher assertions about how much they're going to get built.”