Previous studies based on remote sensing data and reanalysis have identified strong historical increments of wind speed in the area around the Canary Islands (Spain) without appreciating any increment of wave height. This decoupling of long-term trends for wind and wave data is not very common, and can be considered paradigmatic for an innovative study, with important implications for wind and wave hybrid or co-located energy production. In this study, wind and wave data from ERA5 reanalysis in the area around the Canary Islands have been used to compute a wind–wave energy co-location feasibility index between 1981– 2020 showing an increment of the index above +5%/decade. Furthermore, realistic wind and wave energy production has been calculated at an interesting hot-spot using a specific floating wind turbine co-located aside a oscillating buoy type wave energy converter. The corresponding capacity factor trend for wind energy (+0.8%/decade) and capture width ratio evolution for wave energy (−1.5%/decade) shows also the wind–wave decoupling, which constitutes a significant result for an original approach.