Macquarie-Backed Offshore Wind Developer Corio Lays Off Staff
- Corio set to reduce headcount amid struggles for the industry
- Offshore energy is critical for plans to cut fossil fuels
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Corio Generation Ltd., an offshore wind developer backed by Macquarie Group Ltd., is laying off staff as companies across the renewable power industry try to cut costs.
Since its launch in 2022, Corio has grown rapidly with major projects planned off the coasts of countries including the UK, South Korea and the US. But soaring equipment and debt costs have hurt the offshore wind industry, leading to project cancellations and staff reductions at major developers.