Corio Generation, a portfolio company of Macquarie’s Green Investment Group, has revealed plans to develop five offshore wind projects in Brazil with a combined capacity of over 5 GW.
Corio intends to develop the five five projects, subject to finalisation of documentation and regulatory approvals, alongside the Brazilian power generation company Servtec.
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 projects include the 1.2 GW Costa Nordeste wind farm off the north-east coast of Brazil, the 495 MW Vitoria wind farm off the south-east coast of Brazil, and the 1.2 GW Guarita, the 1.2 GW Cassino, and the 1,170 MW Rio Grande projects located off the south coast of Brazil.
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.
”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,” Jonathan Cole, CEO of Corio Generation said.
”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.”
The 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.
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.”
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.
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