Australia’s Macquarie to launch offshore wind energy business

March 3, 2022

Credit: Agrarmotive/AdobeStock

The green investment unit of Australian financial conglomerate Macquarie Group announced on Thursday that it would launch a off the coast wind activity, whose operations should start in April.

The new venture, Corio Generation, will be part of Macquarie’s Green Investment Group (GIG) and will have a global project portfolio of 15 gigawatts, one of the largest in the world, the company said.

GIG, which Macquarie acquired from the UK government in 2017, currently has green energy projects under development to generate 35 gigawatts of electricity.

A number of companies have recently pledged to promote the use of clean, renewable energy amid pressure from investors to disclose, track and meet emissions targets.

Macquarie derives a significant share of its profits from its commodities trading arm and posted record quarterly profits last month due to strong commodity markets.

Corio will be led by Jonathan Cole, who will lead the company as CEO after more than a decade at the helm of Spanish electric utility company Iberdola. off the coast wind company.

Corio will be headquartered in the UK with offices in London and Edinburgh, and will be active in several European markets as well as Japan, Korea, Taiwan and Australia. It will also explore opportunities to enter the Americas, Macquarie said.

(Reporting by Arundhati Dutta in Bengaluru; Editing by Vinay Dwivedi)

Rosemary C. Kearney