Asset management firm to lead $50 billion investment in offshore wind project 

Also read: US climate envoy urges Japan to accelerate renewables, offshore technology  

“Whether by good luck or excellent management, we find ourselves in a situation where we were born and came onto the market only two years ago,” Cole told Bloomberg. We haven’t found ourselves in a situation where we’ve had to cancel projects and write-offs.”

The outlook for offshore wind in the United States remains unclear amid inflation and supply-chain disruptions. Developers have encountered setbacks, leading to the postponement or cancellation of certain projects. 

However, there have been notable exceptions, with the commencement of electricity transmission from two significant farms, Vineyard Wind near Massachusetts and South Fork Wind off the coast of New York, in the past few months. 

Recently, Corio inked a memorandum of understanding with Brazilian port developer Prumo Logistica SA to investigate the potential utilization of a port in Rio de Janeiro state to advance Corio’s upcoming wind ventures. 

Also read: Germany’s offshore wind expansion to occupy quarter of maritime zone 

Corio’s objective is to establish five offshore wind farms in Brazil, with a combined capacity of up to 6 gigawatts.

Brazil possesses all the necessary natural prerequisites to emerge as a frontrunner in offshore wind energy. 

The windiest areas are in shallow waters near the coastline, and the country boasts demand hubs spread along its entire coast. Additionally, Brazil benefits from robust port infrastructure.