Macquarie Group will wind down its global offshore wind power platform Corio Generation next month, almost one year after cancelling a sale due to insufficient interest.

Corio Generation, a balance sheet investment which was moved last year to Macquarie Group’s corporate center from Macquarie Asset Management (MAM) along with a solar and battery company Cero Generation, will cease to exist on 1 April, said sources familiar with the plans.

A small number of staff from Corio will join Macquarie, some will move to various offshore wind projects, while there will also be some redundancies, one of the sources added, without disclosing exact numbers.

The future of the offshore wind projects under Corio is currently being decided on a “case-by-case” basis with some projects being written off, while discussions are ongoing for others to be sold, the sources noted.

The preparation for winding down the global offshore wind company kicked off last year as Macquarie took impairments on Corio’s offshore assets in the US and sold a stake in the UK’s 1.5 GW Outer Dowsing offshore wind project in the North Sea to MAM’s new offshore wind company Broadhelm Renewables.

Broadhelm is held through open-ended funds that are part of the GIG stable – the institutional investor-focused Macquarie Green Energy and Climate Opportunities fund (MGECO), and the private wealth-dedicated Macquarie Energy Transition Infrastructure fund (METI).

In other markets like South Korea, Corio and partner TotalEnergies terminated the development of a 2 GW offshore wind portfolio known as BadaEnergy in January, while Taiwan’s Formosa 3 project also jointly owned with TotalEnergies had its development rights cancelled last year.

Last April, Corio said that it was embarking on a restructuring of the organisation to reflect change in its strategy to focus and prioritise development of fewer projects that were more advanced.

Macquarie in 2024 launched a partial or full sale of Corio, which at its peak had a large 30 GW offshore wind pipeline in Europe, the Americas and Asia Pacific.

The Sydney-headquartered asset manager targeted large financial investors as potential buyers in a deal with a multi-billion-pound price tag expected for Corio.

However, with a challenging offshore wind sector and insufficient interest by possible bidders, the sale was cancelled in 2025.

Corio reacted to the tougher outlook in the sector by cutting jobs and underwent a series of leadership changes.

In addition to Corio, other offshore wind developers such as RWE, Orsted, Shell, BP, and TotalEnergies have also been under pressure amid high capital expenditure needs and policy uncertainties, particularly in the US under the presidency of Donald Trump.

Macquarie declined to comment for the article.