CPP Investments’ global offshore wind platform Reventus Power has cut down its headcount by one-fifth, amid a strategy shift to cope with a tough offshore wind investment market.

At least 10 people from the development and investment team have exited the London-headquartered offshore wind investor and developer Reventus in recent days, from the overall team of 50 last year, sources familiar with the situation told Infralogic.

“Aligning its resources with Reventus Power’s evolved strategy has resulted in a refocus of the current team with some reductions,” a company spokesperson said, without disclosing further details.

Reventus, set up in 2021, focuses on developing and investing in offshore wind projects across Europe, North America, and Asia Pacific.

While its current portfolio consists mostly of riskier floating wind projects at early development stage, the spokesperson said Reventus will now focus on more conventional fixed-bottom projects, as well as projects closer to construction stage.

It will also focus on acquiring stakes in offshore wind projects developed by others that are approaching final investment decision, while it has mostly concentrated on developing its own projects so far.

The spokesperson said the company took the decision to adapt to an offshore wind market that “has been impacted by supply chain developments and macro-economic and political headwinds”.

The outlook for the offshore wind sector globally has dimmed over the past year, especially after the election of US President Donald Trump in November, resulting in the US scaling back its offshore wind ambitions.

One of the most recent examples of the market condition is Macquarie halting the sale of its offshore wind platform Corio Generation due to inadequate interest.

The Reventus spokesperson said the company has so far invested in projects with a generation capacity of 7 GW.

Last year, it took over CPP Investment and Canadian energy group Enbridge’s joint venture Maple Power’s non-French team and business, doubling its global team to 50 offshore wind specialists.

It expanded its team as it sought to increase its presence in the UK, German, Polish and Portuguese markets.

Corio’s former CFO and veteran M&A and corporate governance executive Jochen Froehlich joined Reventus as its CFO last year.

Reventus’ current portfolio includes projects in Australia, the UK and the US.

In Australia it owns a stake in the 2.5 GW Gippsland Skies wind farm off the coast of Victoria alongside fellow developers Mainstream Renewable Power, AGL Energy and DIRECT Infrastructure. The fixed-bottom project last year won a feasibility license.

In the UK, Reventus has joined EDF and Irish utility ESB to build the 1 GW Gwynt Glas floating offshore wind farm, which is yet to start a formal planning process.

In the US, it has teamed up with Ocean Winds for the 2 GW Golden State Wind floating project off California’s central coast, which started surveying the lease area last year.

Reventus’ after-tax losses have widened over the past three years, from GBP 2.8m in 2022 to GBP 10.1m in 2024, according to its financial results.

CPP Investments had a global offshore wind exposure including in the US of more than CAD 1bn (GBP 540m) as of April 2024, including through Reventus.

CPP Investments’ previous experience in European offshore wind development was through Maple Power which built several offshore wind projects in France such as the operational project off the coast of Saint-Nazaire and France’s first floating offshore wind project, Provence Grand Large.

CPP Investments declined to respond to queries for the article.