Corio to shrink as Macquarie gets no takers for offshore wind player
Developer to focus on 'smaller portfolio with clearest route to construction' as owner ends sale
Corio Generation is preparing to shrink its operations after owner Macquarie reportedly halted plans to sell the offshore wind developer.
Corio was set up by Macquarie in 2022 as a pure-play offshore wind developer and amassed a 30GW portfolio spanning many of the world’s most promising markets.
However, Corio’s formation came just as the global forces that have borne down on the sector over recent years – cost inflation, squeezed supply chains and more expensive capital – began to bite and it has struggled to push ahead with its projects as fast as planned.
“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."
Corio’s founding CEO Jonathan Cole left the business in January, replaced by chairman Samuel Leupold.
Leupold told staff of London-based Corio about the latest plans earlier today.