Corio Generation: Plan to invest in five offshore wind farms in Brazil

(TN) Corio Generation, a global offshore wind energy company, announced plans to build offshore wind farms in Brazil, in a total of five projects of more than 5 GW in the initial phase of development.

Corio Generation is a portfolio company of Macquarie’s Green Investment Group, operating independently. Created in April 2022, Corio already has one of the largest offshore wind development portfolios in the world, now with over 20 GW.

Corio plans to create five parks in Brazil, after completing the documentation and approval by regulatory bodies, in partnership with the Brazilian company Servtec, a leader in energy generation and active in the renewable sector for over 20 years, with a role in highlighted in the establishment of the onshore wind industry in the country.

Corio and Servtec intend to obtain leases for the five parks with fixed structures in maritime areas of the Northeast, Southeast and South, with installed capacity ranging from 500 MW to 1.2 GW each.

The companies have been working together for over 18 months to analyze opportunities in the Brazilian market. Their joint assessment of the country’s maritime areas, as well as environmental and technical issues, resulted in the selection of these five locations for the parks.

Jonathan Cole, CEO of Corio Generation, states that “Brazil is blessed with immense wind resources along its coast, which guarantees it a new source of clean, reliable and affordable energy. We see enormous opportunities to exploit offshore wind energy in Brazil, providing economic investments and green jobs to the country”.

“This is a historic day for Corio, a milestone in our company’s entry into the Americas. As a specialist in developing offshore wind energy, with deep industrial expertise and great access to long-term capital, Corio is pleased to sign this partnership with Servtec, one of the most respected generators of renewable energy in Brazil.”

Today’s announcement comes at a time when Brazil’s federal government is acting to diversify the country’s renewable energy mix, releasing offshore wind capacity along the coast for exploration. A decree published in January regulates the exploitation of offshore wind energy.

Favorable winds along its 8,000-kilometer coastline make Brazil a major new booming market for offshore wind energy. Factors driving the sector include the need to identify new sources of low-cost renewable energy and the growing demand for electricity in densely populated coastal areas.

Lauro Fiuza Neto, managing partner of Servtec Energia, “it is an honor for Servtec to join forces with Corio to support offshore wind energy projects in Brazil. As a long-time player in the renewable energy industry, we lead the efforts to build an onshore wind energy market, currently 22 GW. We are once again excited to embark on a journey to create a complementary source of clean energy in Brazil, towards a low carbon economy in the future”.

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