The offshore wind sector’s newest developer Corio has pulled in Ontario Teachers’ Pension Plan Board as an up-to $1bn backer of 9GW of projects worldwide.

Ontario Teachers and Corio will form a joint venture to fund 14 fixed-bottom and floating projects under development by Corio in the UK, Ireland, Taiwan, Japan and South Korea.

The Canadian institutional investor will acquire up to half of Corio’s stake in the projects and help provide the development capital needed to advance them.

While institutional investors have for some years seen operating offshore wind farms as a sound destination for their money, the Ontario Teachers deal shows increasing interest in backing projects at an earlier stage.