Corio Generation, a standalone portfolio company of Macquarie Asset Management, plans to restructure its offshore wind development business to focus on a smaller portfolio of projects.
A spokesperson for Corio Generation said: “Given challenging market conditions in the offshore wind sector, Corio Generation is refocusing its global operations to prioritise the development of a smaller portfolio of projects which have the clearest route through to construction.”
“This will also require a restructure of the organisation to reflect that change in strategy. We are discussing this with our project partners and staff who may be affected by these changes.”
Macquarie established Corio Generation in April 2022 as a portfolio company of Macquarie Asset Management, operating on a standalone basis.
The London-headquartered company is developing offshore wind farms in Europe, Asia Pacific, and the Americas regions, with projects involving both fixed-bottom and floating wind technologies.
Macquarie has halted its plans to sell the company due to a lack of interest, according to Reuters .
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