Linklaters advises Ontario Teachers’ Pension Plan Board on partnership with Corio to develop global offshore wind portfolio

Linklaters has advised Ontario Teachers’ Pension Plan Board (Ontario Teachers’) on a partnership with Corio Generation (Corio), a specialist offshore wind business, to develop an initial portfolio of up to 9GW of offshore wind projects across South Korea, Taiwan, Japan, Ireland and the UK.

The portfolio will consist of 14 fixed bottom and floating projects, all of which are currently under development by Corio, with Ontario Teachers’ set to acquire up to half of Corio’s stake in these projects to support their development, construction and operation.  

Ontario Teachers’ and Corio will look to explore opportunities to expand the partnership through the creation or acquisition of new projects. In total, the initial partnership represents a total investment of up to US$1bn in development capital from Ontario Teachers’.

Linklaters’ cross-practice team comprised of partners Michael Honan (Corporate) and Ross Schloeffel (Energy & Infrastructure), alongside managing associates Henrietta White, Jennifer Sharp and Christy O'Connell (Corporate), Alexei Franks (Tax), and Albert Yu, Gitanjali Shankar and Arani Chakrabarty (Energy & Infrastructure).

Ross Schloeffel, commented:

“As the demand for green electricity continues to rise, the total capacity of offshore wind farms will need to greatly expand in order to keep pace. We are delighted to have assisted Ontario Teachers’ on this landmark transaction supporting the development of new offshore wind capacity on a global scale.”

Michael Honan, commented:

“We are proud to have supported Ontario Teachers’ on this milestone investment, leveraging our cross-practice capabilities to provide seamless advice. This deal is a timely reminder that participation in the renewable energy sector is at the forefront of the minds of many investors as countries and businesses alike work towards ambitious decarbonisation and net zero goals.”

Linklaters has market-leading expertise across geographies and sectors to advise clients on the full spectrum of climate and sustainability-related mandates - from wind and solar, to hydrogen, batteries and storage, green and sustainability-linked finance.