Macquarie Said to Mull Sale of Corio Offshore Wind Arm

Macquarie Group’s Offshore Wind Assets

Macquarie Group, an Australian-based investment bank, is reportedly considering the sale of its offshore wind arm, Corio Generation, according to sources familiar with the matter. Corio Generation is a subsidiary of Macquarie’s green energy business, which focuses on renewable energy projects, including wind, solar, and hydrogen.

Background on Corio Generation

Corio Generation was established in 2019 to develop and operate offshore wind farms globally. The company has several projects in its pipeline, including the 1.4 GW Formosa 1 wind farm in Taiwan and the 1.2 GW DolWin3 wind farm in the Netherlands.

Reasons for the Potential Sale

Sources suggest that Macquarie is considering the sale of Corio Generation due to a combination of factors, including the increasing competition in the offshore wind sector and the need to restructure its green energy business. Macquarie may be looking to focus on its core strengths and exit non-core assets to boost its returns.

Potential Buyers

Several companies are reportedly interested in acquiring Corio Generation, including private equity firms and other renewable energy companies. Some of the potential buyers include BlackRock, Goldman Sachs, and EQT Partners.

Timing of the Potential Sale

The potential sale of Corio Generation is still in its early stages, and no official announcement has been made. The sale is expected to be completed by the end of 2023 or early 2024, pending regulatory approvals and due diligence.

Conclusion

The potential sale of Corio Generation is a significant development in the offshore wind sector, highlighting the growing interest in renewable energy assets. Macquarie’s decision to consider the sale of its offshore wind arm underscores the importance of reevaluating its portfolio to optimize returns. The sale is expected to be a closely watched deal, with several potential buyers vying for the opportunity to acquire Corio Generation.

FAQs

Q: What is Corio Generation?

A: Corio Generation is a subsidiary of Macquarie Group’s green energy business, focused on developing and operating offshore wind farms globally.

Q: Why is Macquarie considering the sale of Corio Generation?

A: Macquarie is reportedly considering the sale due to increasing competition in the offshore wind sector and the need to restructure its green energy business.

Q: Who are the potential buyers of Corio Generation?

A: Several companies are reportedly interested in acquiring Corio Generation, including private equity firms and other renewable energy companies, such as BlackRock, Goldman Sachs, and EQT Partners.

Q: What is the expected timeline for the potential sale?

A: The sale is expected to be completed by the end of 2023 or early 2024, pending regulatory approvals and due diligence.