To compete for floating offshore wind rights in the Celtic Sea off the coast of the UK, global offshore wind developer Corio Generation has teamed up with Morwind, a specialised wind developer based in south-west England.
The Celtic Sea is a large maritime area off South-west England and Wales, facing the Atlantic Ocean, that has been identified by seabed owner the Crown Estate as a major potential source of offshore wind energy.
The partnership announced today will combine Corio’s international industrial expertise and access to capital with Morwind’s specialist regional knowledge and strong local stakeholder relationships to identify and invest in new floating wind opportunities in the region.
Corio is a portfolio company of Macquarie’s Green Investment Group, operating on a standalone basis. Launched in April 2022, Corio today has one of the world’s largest offshore wind development portfolios, at over 20 GW, including projects in England and Scotland.
Jonathan Cole, CEO of Corio Generation said: “Corio is a global leader in developing floating wind power with several projects in development across Asia-Pacific and Europe. We believe the Celtic Sea can accommodate significant new offshore wind capacity and are looking closely at opportunities in partnership with regional experts Morwind.
“Bringing innovative floating wind power technology to the UK’s South-west can ensure the region is at the leading edge of the green industrial revolution. This will provide homes and businesses with clean, affordable and reliable electricity, encourage investment in local communities and support jobs in the new economy.”
The partnership announcement between Corio and Morwind comes as the UK Government is looking to offshore wind as a major source of secure and affordable, low-carbon electricity. The British Energy Security Strategy announced by the UK government in April 2022 increased the national offshore wind target to 50 GW by 2030 including 5 GW for floating projects.
In November 2021, the Crown Estate published initial proposals for floating wind seabed leasing, with projects in English and Welsh waters expected to be delivered during the early 2030s. Rights could be agreed with developers as early as 2023.
Ben Gowers, Managing Director of Morwind said: “Morwind is excited by the scale of the opportunity lying offshore Devon, Cornwall and Wales and is committed to working and collaborating with local, regional and national partners. Here in the South-west we want to drive industrial scale investment and ambition, engaging the local supply chain, stakeholders and communities, to add value through innovation, efficiency and social impact. We foresee new ways of doing business and look forward to sharing our vision, projects and plans in the coming months.”
“Morwind was established two years ago, driven by a commitment to deliver decarbonisation through sustainably developing the southwest offshore wind resource to realise economic, social and environmental benefit for the region and the wider UK. Together, the Morwind team have many decades of wind energy and marine development experience, naturally complementing Corio Generation's proven technical and investment track record.”