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CORIO PARTNERS WITH ONTARIO TEACHERS’ TO PURSUE GLOBAL OFFSHORE WIND DEVELOPMENT

May 12, 2022 · 5 min read

·    Corio Generation partners with Ontario Teachers’ Pension Plan to support
the development of up to 9GW of offshore wind worldwide

·    Ontario Teachers’, one of the world’s largest institutional investors, will
invest up to US$1 billion in development capital

·    This collaboration enhances Corio’s long-term partnership approach by
providing deeper access to long-term institutional capital

Newly launched Corio Generation (Corio) has entered into a joint venture with
leading global investor Ontario Teachers’ Pension Plan Board (Ontario Teachers’)
to fund the development of an initial portfolio of up to 9 GW offshore wind
projects.

The portfolio will consist of 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, supporting development, construction and operation. Corio and
Ontario Teachers’ will also explore opportunities to expand the partnership
through the creation or acquisition of new projects. In total, the partnership
announced today represents an investment of up to US$1 billion in development
capital from Ontario Teachers’.

Ontario Teachers’ is a major infrastructure investor with C$26.1 billion in
infrastructure assets across five continents, including a sizeable portfolio of
renewable assets. As a long-term, responsible investor, it is an ideal partner
to invest alongside Corio.

Corio Generation, a Green Investment Group portfolio company, is a specialist
offshore wind business and home to one of the world’s largest offshore wind
development portfolios. By combining a unique blend of sector-leading expertise
with deep access to institutional capital, Corio applies a long-term partnership
approach to the creation and management of projects.

Subject to the satisfaction of customary closing conditions and regulatory
approvals, the transaction between Corio and Ontario Teachers’ is expected to
reach completion in Q3 2022.

Jonathan Cole, CEO of Corio Generation, said: “Corio Generation is committed to
accelerating the global deployment of renewable energy by delivering its global
portfolio of offshore wind projects. This partnership with Ontario Teachers’
represents a highly significant milestone on our journey and demonstrates
Corio’s capability to bring together a large-scale global portfolio, a team of
industrial experts and world-class investment partners. With this collaboration
with Ontario Teachers’, Corio will generate vast amounts of clean, affordable
electricity and support thousands of green jobs, while providing attractive
returns on investment.”

Chris Ireland, Managing Director, Greenfield Investments and Renewables,
Infrastructure and Natural Resources at Ontario Teachers’ said: “We are pleased
to partner alongside Corio and support the development of a high-quality, global
portfolio of offshore wind projects. Offshore wind is poised for significant
growth in the years ahead as countries work towards ambitious decarbonization
goals. This has been a strategic focus sector for Ontario Teachers’ for several
years and is a natural fit in our portfolio as we work towards our net-zero
targets.”

Corio has been established at a time when the demand for green electricity
continues to rise – with the total capacity of offshore wind farms expected to
reach 228 GW in 2030. This requires greater collaborative action from businesses
and governments around the world as well as around US$500 billion of investment
in offshore wind by 2030.

Ontario Teachers’ has committed to achieving net-zero greenhouse gas emissions
across its portfolio by 2050. It has also set ambitious interim reduction
targets to reduce portfolio carbon emissions intensity by 45% by 2025 and 67% by
2030, compared to a 2019 baseline.


About Corio Generation  

Corio Generation is a specialist offshore wind business, dedicated to harnessing
offshore wind energy worldwide. With a unique blend of sector-leading expertise
and deep access to long-term capital, we apply a long-term partnership approach
to the creation and management of projects, taking them from origination,
through development and construction, and into operations. 

Our 15 GW development portfolio is one of the largest in the world, spanning
established and emerging markets, as well as floating and traditional
fixed-bottom technologies. These next generation offshore wind projects will
help form the backbone of the net-zero global energy system while meeting the
energy needs of communities and corporate offtakers sustainably, reliably,
safely and responsibly.

Corio Generation is a Green Investment Group (GIG) portfolio company, operating
on a standalone basis. GIG is a specialist green investor within Macquarie Asset
Management, part of Macquarie Group. For more information visit
coriogeneration.com and follow us on Twitter @CorioGeneration

About Ontario Teachers’  

Ontario Teachers' Pension Plan Board (Ontario Teachers') is a global investor
with net assets of C$241.6 billion as at December 31, 2021. We invest in more
than 50 countries in everything from equities to real estate to infrastructure
and venture growth, to deliver retirement income for 333,000 current and retired
teachers in Ontario.

With offices in Hong Kong, London, San Francisco, Singapore and Toronto, our
more than 350 investment professionals bring deep expertise in industries
ranging from agriculture to artificial intelligence. We are a fully funded
defined benefit pension plan and have earned an annual total-fund net return of
9.7% since the plan’s founding in 1990. At Ontario Teachers’, we don’t just
invest to make a return, we invest to shape a better future for the teachers we
serve, the businesses we back, and the world we live in. For more information,
visit otpp.com and follow us on Twitter @OtppInfo.


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