# Macquarie-backed offshore wind developer Corio starts job cuts
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2024-12-06
Category: NEWS
Category URL: https://financedigest.com/category/news
Meta Title: Corio Generation UK plans job cuts amidst offshore
Meta Description: Corio Generation, backed by Macquarie Group, plans job cuts due to rising costs. Organizational changes to focus on project delivery in key markets.
URL: https://financedigest.com/macquarie-backed-offshore-wind-developer-corio-starts-job-cutshtml

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(Reuters) – Corio Generation, the UK-based offshore wind developer backed by Australia’s Macquarie Group, plans to cut a small number of jobs roles, a company spokesperson told Reuters on Thursday.

Ballooning costs due to technical and supply chain problems and high interest rates has had many offshore wind sector companies review investments or undertake restructurings.

“As with many companies in the offshore wind sector, we are making some organizational changes to ensure Corio remains efficient and focused on the delivery of our projects in our key markets,” the spokesperson added.

The job cuts were first reported by Bloomberg News, citing a person familiar with the matter who added they will impact less than 10% of Corio’s total workforce.

Reuters previously reported Macquarie was exploring a potential sale of Corio.

(Reporting by Raechel Thankam Job; Editing by Krishna Chandra Eluri)


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