Harnessing Regional Wind Power: Corio Explores Asia-Pacific Opportunities
Speeding past the milestones in the fast-paced renewable sphere, Corio Generation, an offspring of Macquarie’s Green Investment Group, sets its sights on stepping up its offshore wind pipeline across the thriving Asia-Pacific region. In search of fresh avenues to expand, Corio now intends to propose compelling bids for forthcoming auctions in the Philippines, a treasure trove of potential.
The island nation, comprised of over 7,600 islands, is wrestling with ambitious goals to power up a cleaner future. Aiming to transition a substantial 35% of its national electricity generation to renewables by 2030, the commitment is only projected to escalate to 50% by 2040.
Corio’s Proposals: Up to Five Projects Across the Archipelago
Corio’s vision aligns with this courageous ambition and seeks to bolster the bold shift toward green energy. Their game plan involves initiating up to five distinct projects across carefully chosen coastal locations, such as Cavite, Batangas-Mindoro, Iloilo, and Guimaras. Collectively, these ventures aim to introduce an impressive 3 GW capacity, under exclusive wind energy service contracts.
These projects are not one-size-fits-all, with the pipeline incorporating a diverse mix of wind energy solutions. The venturous plan includes the development of 2 GW of bottom-fixed wind projects and 1 GW of floating wind projects.
Aiming for the Green Energy Auction
Beyond their ambitious setup plans, Corio has the anticipated ‘Green Energy Auction’ penciled in for a 2024 launch. Alejandro de Hoz, the company’s deputy CEO, revealed the team’s optimism about seizing future auction opportunities provided by the Philippines and its teeming natural resources.
“Our team has been actively investigating a plethora of opportunities in the country, buoyed by the abundance of natural resources, and numerous offshore wind power sites,” he said.
An Extensive Track Record in the Asia-Pacific
Corio’s prospective crusade into the Philippines is the latest chapter in their unwavering march to develop Asia-Pacific markets. Their involvement spans several regions including Australia, South Korea, Taiwan, and Vietnam.
Tracing their beginnings to April 2022, the Corio team prides itself on an in-depth understanding of the region with members scouting opportunities in the Philippines even before the company’s inception. This fast-growing offshore wind portfolio company harbors a commitment to sustainable energy that is powering its trajectory toward future success.
