Corio Generation plans staff reductions amid wind sector challenges

Corio Generation, a London-based offshore wind developer backed by Macquarie Group, is planning staff reductions due to rising costs and pressures within the renewable energy sector. 

Since its founding in 2022, Corio has expanded with major projects in the UK, South Korea, and the US. However, increasing equipment and debt costs have led to project cancellations and workforce cuts across the offshore wind industry.

Corio’s staff reductions will affect under 10% of its 270-person workforce, including some temporary staff who have completed project-specific work. 

Despite the cuts, Corio has no plans to cancel any wind farm projects. 

The company is also undergoing organisational changes to improve efficiency and maintain focus on key markets. Macquarie is reportedly evaluating options for Corio, including a potential sale of part or all of the business.

This move follows broader trends in the offshore wind industry, with companies like Ørsted, TotalEnergies, and Equinor also announcing job cuts and strategic shifts in response to rising costs and market challenges. 

Equinor recently revealed a 20% reduction in its renewables division, while Shell and BP have adjusted their focus to more profitable sectors.