Stonepeak is exploring a partial sale in portfolio company Synera Renewable Energy Group (SRE Group), according to multiple sources familiar.

The infrastructure manager has mandated UBS to advise on the transaction, two of the sources said.

Stonepeak aims to introduce several new limited partners (LPs) to invest in SRE Group, a Taiwan-based offshore wind developer, and has held talks with domestic life insurance companies, said one of the sources.

New York-headquartered Stonepeak plans to retain a majority stake in SRE Group post-transaction, the same source said.

Australia’s Macquarie last month cancelled the sale of its global platform Corio Generation after the US’ pullback from offshore wind and a general slowdown in renewables commitments from energy firms.

Major offshore wind projects are also getting cancelled and workforces cut. Orsted has said it will discontinue its 2.4 GW Hornsea 4 project in the UK, citing adverse business conditions. Reventus Power, CPP Investments’ global offshore wind platform, has seen its headcount shrink by one-fifth.

SRE Group, formerly Swancor Renewable Energy, developed the 128 MW Formosa 1 and 376 MW Formosa 2 offshore wind farms in Taiwan, both operational. It is also developing the 495 MW Formosa 4, the floating 1.5 GW Formosa 5 facility, and the 800 MW Formosa 6 wind projects in the territory.

Last year, SRE entered South Korea with the 840 MW Geomundo Island project, which it will jointly build with local developer Moondo Wind Energy. In Japan, it plans to build the 2.2 GW Kitakyushu wind farm.

Earlier this month, SRE increased its holding in Formosa 2 to 51% from 25%. The move came a year after it launched a process to pare its stakes in Formosa 1 and Formosa 2 through a new vehicle to be backed by Taiwanese life insurers as LPs.

Stonepeak and UBS declined to comment. SRE Group did not respond to requests for comment.