Corio Generation is the UK-based offshore developer backed by Australia’s Macquarie Group. The company plans to reduce a few jobs, according to a spokesperson on Thursday.

Many offshore wind companies have reviewed their investments and undertaken restructuring due to the ballooning costs caused by technical and supply-chain problems, as well as high interest rates.

The spokesperson said, "We are making organizational changes as well, to ensure Corio is efficient and focused on delivering our projects in key markets."

Bloomberg News first reported the job cuts, citing an individual familiar with Corio. This person added that they would affect less than 10% Corio’s entire workforce.

Macquarie had previously been reported to be exploring the possibility of selling Corio. (Reporting and editing by Krishna Chandra Eluri; Raechel Thankam Job)

(source: Reuters)