Australia's Macquarie to launch offshore wind energy business

FILE PHOTO: The logo of Australia
FILE PHOTO: The logo of Australia's biggest investment bank Macquarie Group Ltd adorns the main entrance to their Sydney office headquarters in Australia, October 28, 2016. REUTERS/David Gray

(Reuters) - Australian financial conglomerate Macquarie Group's green investment unit said on Thursday it would launch an offshore wind energy business, with operations set to start in April.

The new business, Corio Generation, will be part of Macquarie's Green Investment Group (GIG) and will have a global project pipeline of 15 gigawatts, one of the largest in the world, the company said.

GIG, which Macquarie acquired from the British government in 2017, currently has green energy projects under development to generate 35 gigawatts of power.

A number of companies have vowed in recent times to promote the use of clean, renewable energy amid investor pressure to disclose, track and meet emission targets.

Macquarie derives a significant portion of its earnings from its commodities trading arm, and posted record quarterly profits last month due to strong commodity markets.

Corio will be led by Jonathan Cole, who will helm the business as chief executive officer after more than a decade as the head of Spanish electric utility firm Iberdola's offshore wind business.

Corio will be headquartered in the United Kingdom with offices in London and Edinburgh, and will be active in several European markets as well as Japan, Korea, Taiwan and Australia. It will also explore opportunities to enter the Americas, Macquarie said.

(Reporting by Arundhati Dutta in Bengaluru; Editing by Vinay Dwivedi)

(c) Copyright Thomson Reuters 2022. Click For Restrictions -

Reuters Japan Asia Australia Europe Taiwan European Union South Korea United Kingdom Scotland UK