Corio Generation partners with Qualitas Energy to unleash Spain’s offshore wind potential
27/09/2022 – Madrid / London
- Corio Generation joins forces with global renewables investment and management platform Q-Energy
- Partnership aims to develop floating offshore wind power across the Spanish coastline
- Spanish government is targeting up to 3 GW of floating offshore wind by 2030
Corio Generation is partnering with Q-Energy, a global investment and management platform focused on renewable energy, energy transition and sustainability, to explore opportunities to develop floating offshore wind power in Spain.
The two companies have signed a partnership agreement and begun preliminary work to identify suitable sites for floating offshore wind across the Spanish coastline.
Today’s announcement comes as Spain looks to massively increase the share of renewables in domestic electricity generation by 2030. To help achieve this, the government has declared its ambition to build up to 3 GW of floating offshore wind by the end of the decade under a new Roadmap for Offshore Wind Power.
Global offshore wind developer Corio Generation, a portfolio company of Macquarie’s Green Investment Group, is home to one of the largest offshore wind development portfolios globally, with projects totalling more than 20 GW under development in Europe, Asia-Pacific and the Americas. Launched in April 2022, the business brings together a sector-leading industrial, finance, development and asset management team to develop innovative floating and traditional fixed-bottom projects worldwide.
Since 2007, the Q-Energy team, composed of more than 400 professionals across offices in Madrid, London, Berlin, and Milan, has managed investments of more than €11 billion in renewable energies worldwide. Offering integrated investment and asset management services, Q-Energy manages more than 1.6 GW of energy, including more than 1 GW of solar PV, 243 MW of solar thermal power (CSP) and 350 MW of wind power across Spain, Germany, Poland, and Italy. Q-Energy also has more than 4,000 MW of assets under development at various stages of completion.
Alejandro de Hoz, Global Head of Development and Deputy CEO of Corio Generation said: “When you combine the industrial capabilities and long-term capital Corio provides with Q-Energy’s vast renewables experience and local market knowledge, we believe there is no better match for helping to unleash Spain’s offshore wind potential.
“The deep waters around the Spanish coastline are ideally suited to latest innovations in floating platforms. There is now a huge opportunity for Spain to become a European hub and international benchmark in delivering offshore wind, with all the benefits that offers in terms of creating a value chain and generating green jobs and economic development.
“Offshore wind is reliable, cost-competitive and complements the seasonality of other renewables. By introducing offshore wind to Spain’s clean energy mix, we can support the country to reach its climate targets and help provide energy security for decades to come,” he added.
Iñigo Olaguibel, CEO of Q-Energy said: “We are excited to join forces with Corio. This partnership is yet another important milestone on our mission to accelerate the energy transition, promoting energy diversification and ensuring security of supply. Against the backdrop of the Spanish government’s clear commitment to boosting floating offshore wind, we believe now is the perfect moment to explore opportunities across the Spanish coastline, bringing together Corio’s and Q-Energy’s complementary experience and expertise.”
About Qualitas Energy
Qualitas Energy is a leading investment and management platform focused on renewable energy, energy transition, and sustainable infrastructure investment. Since 2006, the Qualitas Energy team has managed investments of more than €11 billion in renewable energy worldwide. These investments have been deployed through five vehicles: Fotowatio / FRV, Vela Energy, Q-Energy III, Q-Energy IV, and Q-Energy V. Qualitas Energy’s existing portfolio currently holds 5 GW of operating and development energy assets, including 3 GW of wind, more than 1 GWp of solar PV, 242 MW of solar thermal power (CSP), 180 MW of renewable natural gas, 63 MW of battery, and 60 MW of hydroelectric power assets across Spain, Germany, the UK, Italy, Poland, and Chile. Since 2020, Qualitas Energy has produced sufficient energy to power 1.54 million homes and, since 2021, has successfully avoided emissions of 1.32 million metric tons of CO2 equivalent. The Qualitas Energy team is composed of more than 650 professionals across twelve offices in Madrid, Berlin, London, Milan, Hamburg, Wiesbaden, Trier, Cologne, Stuttgart, Warsaw, Wroclaw, and Santiago.