Ontario Teachers' Pension Plan, one of Canada's biggest pension funds, will invest up to $1 billion in development capital through a joint venture with Corio Generation, a new offshore wind business launched by Macquarie Group.
The capital will go toward the development of 14 fixed-bottom and floating wind farms in South Korea, Taiwan, Japan, Ireland and Britain, representing about 9 gigawatts of capacity. Ontario Teachers’ will acquire up to half of Corio’s stake in these projects, supporting development, construction and operation. Corio and Ontario Teachers’ also will explore opportunities to expand the partnership through the creation or acquisition of new projects.
The deal is expected to reach completion in third quarter 2022.
“We are pleased to partner alongside Corio and support the development of a high-quality, global portfolio of offshore wind projects,” said Chris Ireland, a managing director at Ontario Teachers’. “Offshore wind is pois