Corio to Bid in UK’s Floating Wind Auction Together with New Local Player

Corio Generation is partnering with Morwind, a company based in South-west England, to compete for floating offshore wind rights in the UK’s Celtic Sea.

The partnership announcement between Corio and Morwind comes as the UK Government is looking to offshore wind as a major source of secure and affordable, low-carbon electricity, the companies said.

“Morwind was established two years ago, driven by a commitment to deliver decarbonisation through sustainably developing the southwest offshore wind resource to realise economic, social and environmental benefit for the region and the wider UK. Together, the Morwind team have many decades of wind energy and marine development experience, naturally complementing Corio Generation’s proven technical and investment track record”, said Ben Gowers, Managing Director of Morwind.

In November 2021, the Crown Estate published initial proposals for floating wind seabed leasing, with projects in English and Welsh waters expected to be delivered during the early 2030s. Seabed rights could be awarded as early as next year.

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The target for offshore wind in the UK was 40 GW of offshore wind capacity by 2030, 1 GW of which was targeted for floating wind, until April this year, when UK Prime Minister Boris Johnson has presented the British Energy Security Strategy, which increased the national offshore wind target to 50 GW by 2030 including 5 GW for floating projects.

The plan came in response to rising global energy prices, provoked by surging demand after the pandemic as well as Russia’s invasion of Ukraine, the government said.

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The partnership announced today will combine Corio’s international industrial expertise and access to capital with Morwind’s specialist regional knowledge and local stakeholder relationships to identify and invest in new floating wind opportunities in the region, the two companies said in a press release on 4 July.

“Morwind is excited by the scale of the opportunity lying offshore Devon, Cornwall and Wales and is committed to working and collaborating with local, regional and national partners”, Ben Gowers said.

“Here in the South-west we want to drive industrial scale investment and ambition, engaging the local supply chain, stakeholders and communities, to add value through innovation, efficiency and social impact. We foresee new ways of doing business and look forward to sharing our vision, projects and plans in the coming months.”

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Photo: For illustrative purpose only; Photo source: Principle Power (archive)