Global investor Ontario Teachers’ Pension Plan Board has entered into a joint venture with newly launched UK investment firm Corio Generation to fund the development of up to 9GW of offshore wind projects.
The portfolio will include 14 fixed bottom and floating projects in South Korea, Taiwan, Japan, Ireland and the UK, all of which are currently under development by Corio.
Ontario Teachers’ will acquire up to half of Corio’s stake in these projects, an investment totalling $1 billion, to support development, construction and operation.
The transaction between Corio and Ontario Teachers’ is expected to reach completion in Q3 2022.
Corio and Ontario Teachers’ will also explore opportunities to expand the partnership through the creation or acquisition of new projects.