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Macquarie-backed offshore wind developer Corio starts job cuts
Global Banking & Finance Review®
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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.
(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)
Offshore wind energy refers to the use of wind turbines located in bodies of water to generate electricity. This renewable energy source harnesses strong and consistent winds found offshore.
Job cuts refer to the reduction of employees in a company, often due to financial difficulties or restructuring. This can impact a company's workforce and overall operations.
High interest rates refer to the increased cost of borrowing money. They can affect loans, mortgages, and credit, making it more expensive for consumers and businesses to borrow.
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