Corio Generation is to restructure its offshore wind development business to focus on a smaller portfolio of projects.
The Macquarie-owned outfit has taken the move due to “challenging market conditions”, a spokesperson 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,” the spokesperson added.
“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.”
Chief executive Samuel Leupold spoke to staff at a town hall meeting today.
Macquarie had planned to sell the company but has halted that process, according to Reuters.
The news agency said the decision was taken over a lack of interest in the company.