Corio Generation, in collaboration with Portugal's Hyperion Renewables, is embarking on a venture to explore the potential for building offshore wind projects along the country's coastline. The two companies have recently signed a Memorandum of Understanding (MoU), outlining their commitment to working together in preparing applications for offshore wind tenders that are expected to be announced later this year.
This strategic partnership brings together Corio's renowned expertise in auction preparation and site selection with Hyperion's extensive experience in stakeholder engagement and deep understanding of the regulatory landscape. The timing of this MoU is particularly significant, as the Portuguese government is actively seeking to position the country as a prominent market for offshore wind investments.
In January 2023, the government in Lisbon announced an ambitious target to allocate 10 gigawatts (GW) of offshore wind capacity by 2030, with a significant portion expected to be dedicated to floating wind projects. This goal underscores Portugal's commitment to renewable energy expansion and its recognition of the immense potential of offshore wind.
Corio Generation, a subsidiary of Macquarie Asset Management's Green Investment Group, boasts an impressive portfolio of projects amounting to 30 GW across Europe, Asia-Pacific, and the Americas. Among its notable endeavors is the Gray Whale site in South Korea, a floating wind project with a capacity of 1.5 GW. Furthermore, Corio Generation is actively developing multiple floating wind projects in various European countries, including France, the United Kingdom, and Norway.
Hyperion Renewables, established in 2006, has already made significant contributions to the renewable energy landscape by developing 640 megawatts (MW) of projects across Iberia. Their impressive pipeline of projects, amounting to 3.4 GW, encompasses a diverse range of technologies such as solar, wind, green hydrogen, and storage. Currently, they have 180 MW of solar photovoltaic (PV) sites under construction. Notably, Hyperion Renewables has successfully executed projects under various financial frameworks, including the pioneering achievement of closing the first pool power purchase agreement in Iberia for a solar PV power plant in 2017.
Guillermo Martínez-Navas, Head of New Markets and Americas at Corio Generation, expressed his enthusiasm for the partnership, stating, “To unlock Portugal's offshore wind potential, we recognized the importance of finding a partner like Hyperion Renewables. We are thrilled to collaborate with an exceptional team that has a proven track record in developing solar power projects in Portugal and Spain, two of Europe's leading markets for onshore renewables. As a nascent market for offshore wind, it was crucial for us to align with a Portuguese partner who possesses intimate knowledge of the local market and regulatory landscape, and the team at Hyperion perfectly fits this description.”
This collaboration between Corio Generation and Hyperion Renewables signifies a promising step forward in the realization of Portugal's offshore wind ambitions. By leveraging their collective expertise, these two companies aim to contribute significantly to the growth of renewable energy in the country and drive progress towards a sustainable future.
Corio Generation Joins Forces with Hyperion Renewables to Explore Offshore Wind Projects in Portugal
Corio Generation, in collaboration with Portugal's Hyperion Renewables, is embarking on a venture to explore the potential for building offshore wind projects along the country's coastline. The two companies have recently signed a Memorandum of Understanding (MoU), outlining their commitment to working together in preparing applications for offshore wind tenders that are expected to be announced later this year.
This strategic partnership brings together Corio's renowned expertise in auction preparation and site selection with Hyperion's extensive experience in stakeholder engagement and deep understanding of the regulatory landscape. The timing of this MoU is particularly significant, as the Portuguese government is actively seeking to position the country as a prominent market for offshore wind investments.
In January 2023, the government in Lisbon announced an ambitious target to allocate 10 gigawatts (GW) of offshore wind capacity by 2030, with a significant portion expected to be dedicated to floating wind projects. This goal underscores Portugal's commitment to renewable energy expansion and its recognition of the immense potential of offshore wind.
Corio Generation, a subsidiary of Macquarie Asset Management's Green Investment Group, boasts an impressive portfolio of projects amounting to 30 GW across Europe, Asia-Pacific, and the Americas. Among its notable endeavors is the Gray Whale site in South Korea, a floating wind project with a capacity of 1.5 GW. Furthermore, Corio Generation is actively developing multiple floating wind projects in various European countries, including France, the United Kingdom, and Norway.
Hyperion Renewables, established in 2006, has already made significant contributions to the renewable energy landscape by developing 640 megawatts (MW) of projects across Iberia. Their impressive pipeline of projects, amounting to 3.4 GW, encompasses a diverse range of technologies such as solar, wind, green hydrogen, and storage. Currently, they have 180 MW of solar photovoltaic (PV) sites under construction. Notably, Hyperion Renewables has successfully executed projects under various financial frameworks, including the pioneering achievement of closing the first pool power purchase agreement in Iberia for a solar PV power plant in 2017.
Guillermo Martínez-Navas, Head of New Markets and Americas at Corio Generation, expressed his enthusiasm for the partnership, stating, “To unlock Portugal's offshore wind potential, we recognized the importance of finding a partner like Hyperion Renewables. We are thrilled to collaborate with an exceptional team that has a proven track record in developing solar power projects in Portugal and Spain, two of Europe's leading markets for onshore renewables. As a nascent market for offshore wind, it was crucial for us to align with a Portuguese partner who possesses intimate knowledge of the local market and regulatory landscape, and the team at Hyperion perfectly fits this description.”
This collaboration between Corio Generation and Hyperion Renewables signifies a promising step forward in the realization of Portugal's offshore wind ambitions. By leveraging their collective expertise, these two companies aim to contribute significantly to the growth of renewable energy in the country and drive progress towards a sustainable future.
