The combined exploitation of wave and offshore wind energy resources is expected to improve the cost competitiveness of the wave energy industry as a result of shared capital and operational costs. In this context, the objective of this work is to explore the potential benefits of co-locating CECO, an innovative wave energy converter, with the commercial WindFloat Atlantic wind farm, located on the northern coast of Portugal. For this purpose, the performance of the combined farm was assessed in terms of energy production, power smoothing and levelised cost of energy (LCoE). Overall, the co-located farm would increase the annual energy production by approximately 19% in comparison with the stand-alone wind farm. However, the benefits in terms of power output smoothing would be negligible due to the strong seasonal behaviour of the wave resource in the area of study. Finally, the LCoE of the co-located farm would be drastically reduced in comparison with the stand-alone wave farm, presenting a value of 0.115 per USD/kWh, which is similar to the levels of the offshore wind industry as of five years ago. Consequently, it becomes apparent that CECO could progress more rapidly towards commercialisation when combined with offshore wind farms.