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    Corio and Q-Energy team up to break into floating offshore wind in Spain


    September 27, 2022 - CE Noticias Financieras

     

      Macquarie-owned developer Corio Generation and the global investment and management platform focused on renewable energy, Q-Energy, have teamed up to explore opportunities in the development of floating offshore wind in Spain.

      In this way, both companies have sealed a partnership agreement and started preliminary work to identify sites off the Spanish coast suitable for developing offshore projects.

      Corio Generation, a company belonging to Macquarie's Green Investment Group launched last April, has one of the largest offshore wind energy development portfolios in the world, with projects totaling more than 20 GW under development in Europe, Asia-Pacific and the Americas.

      Since 2007, the Q-Energy team has managed investments of more than 11 billion euros in renewable energies around the world. It currently manages 2.4 GW of solar photovoltaic, solar thermal and wind energy in Spain, Germany, Poland and Italy. In addition, the firm also has more than 4,000 MW of assets under development in various stages of completion.

      Corio Generation's global development director and deputy CEO Alejandro de Hoz, who was formerly CEO of Avangrid Renewables, Iberdrola's U.S. renewables subsidiary, felt that when you combine the industrial capabilities and long-term capital provided by Corio with Q-Energy's "enormous" renewables expertise and local market knowledge, "there is no better option to help unlock Spain's offshore wind potential. "There is now a great opportunity for Spain to become a European hub and international benchmark in offshore wind energy delivery, with all the benefits it offers in terms of creating a value chain and generating green jobs and economic development," he added.

      For his part, the CEO of Q-Energy, Íñigo Olaguibel, was very "excited to join forces" with Corio and assured that this partnership represents "another important milestone" in the mission to accelerate the energy transition, to promote energy diversification and to ensure security of supply.

      Race for floating wind turbines

      Spain aims to develop between 1 and 3 GW of floating offshore wind power by the end of this decade, according to the Government's Offshore Wind Roadmap, which plans to hold the first auction for this technology early next year.

      The major energy groups have embarked on the race for the development of floating wind power in Spain. Thus, energy companies such as Iberdrola and EDPR already have projects designed to develop wind farms using this technology in Spanish waters, while Naturgy, with Equinor, and Repsol, with Orsted, have alliances with international giants to become a major player in the business. Groups such as Sener, Capital Energy or Greenalia, among others, are also in the race.

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