Investing.com-- Australia’s Macquarie Group Ltd (ASX:MQG) has scrapped plans to sell Corio Generation, one of the world’s largest offshore wind developers, due to a lack of buyer interest, Reuters reported on Tuesday citing two sources familiar with the matter.
The decision comes amid a slowdown in global dealmaking and rising political resistance to offshore wind in the U.S. under President Donald Trump, who suspended new leasing in January, Reuters reported.
Macquarie had engaged advisers last year to explore a sale of Corio, which manages a 25 GW pipeline of projects across Europe, the Asia-Pacific, and the Americas, the Reuters report stated.
Instead, Corio will scale back operations and focus on fewer projects with clearer paths to construction, according to the report.
The offshore wind sector has struggled with rising costs, high interest rates, and supply chain disruptions.