Corio Generation is partnering with the Portuguese renewable energy developer, Hyperion Renewables, to explore opportunities to build offshore wind projects off the coast of Portugal.
The two companies have signed a Memorandum of Understanding (MoU) to work together in preparing applications for offshore wind tenders expected later in 2023.
The partnership is expected to combine Corio’s expertise in auction preparation and site selection, with Hyperion’s experience in stakeholder engagement and knowledge of the regulatory landscape.
The partnership has been forged at a time when the Portuguese government is seeking to turn the country into a major market for offshore wind investment. In January 2023, the government announced a target to award 10 GW of offshore wind capacity by 2030, with the majority expected to be floating wind sites.
Corio Generation, a portfolio company of Macquarie Asset Management’s Green Investment Group, has a 30 GW portfolio of projects in Europe, Asia-Pacific, and the Americas. The UK-headquartered company was last week named Offshore Wind Developer of the Year in the 2023 Wind Investment Awards.
Corio’s floating wind portfolio includes the 1.5 GW Gray Whale project in South Korea, which is expected to be one of the largest floating offshore wind farms in the world. In addition, the business is developing multiple floating projects in Europe in France, the UK, and Norway.
Aytea Amandi , CEO of Hyperion Renewables said: ”This partnership with Corio is a very important milestone in our development strategy, opening up the offshore wind market for Hyperion alongside Corio, one of the best worldwide partners for floating offshore wind. We will combine and leverage our skills to maximise our winning chances. On one hand, Hyperion’s expertise and success track record in renewables in Iberia, and on the other Corio’s unmatched offshore wind know-how, successful experience and impressive pipeline, including in floating wind, which is key for Portugal.”
Hyperion Renewables has developed 640 MW of projects across Iberia since the company was first established in 2006, and has a 3.4 GW pipeline across solar, wind, green hydrogen and storage technologies, including 180 MW of solar PV projects under construction. It has developed projects under various financial frameworks and, in 2017, closed the first pool power purchase agreement in Iberia for a solar PV power plant.
Guillermo Martínez-Navas , Head of New Markets and Americas at Corio Generation, said: ”To help unlock Portugal’s offshore wind potential, we knew we needed to find a partner like Hyperion Renewables. We’re delighted to be working with an outstanding team that has a proven track record of developing solar power in Portugal and Spain, two of Europe’s leading markets for onshore renewables. As an early-stage market for offshore wind, it was essential to join forces with a Portuguese partner who intimately knows the local market and its regulatory landscape, and the team at Hyperion fits this description perfectly.”