Corio Generation, a UK-based offshore wind developer backed by Australia’s Macquarie Group, has announced plans to cut a small number of jobs as part of organizational changes aimed at maintaining efficiency and focus. The company confirmed the decision to Reuters on Thursday, attributing the move to rising costs and challenges in the offshore wind sector.

The job cuts, expected to affect less than 10% of Corio’s total workforce, come amid broader struggles in the renewable energy industry. “As with many companies in the offshore wind sector, we are making some organizational changes to ensure Corio remains efficient and focused on the delivery of our projects in our key markets,” a company spokesperson said.

The offshore wind sector, heralded as a critical component of the global transition to clean energy, has faced mounting obstacles in recent months. Companies across the industry are grappling with ballooning costs driven by technical challenges, supply chain disruptions, and rising interest rates. These pressures have forced several firms to reevaluate investments and, in some cases, restructure their operations.

Corio’s announcement follows a Bloomberg News report citing a source familiar with the matter, which noted that the job reductions were prompted by the need to streamline operations and adapt to current market conditions.

Corio Generation has been a key player in the development of offshore wind projects globally. The company has a significant portfolio, with projects in various stages of development in Europe, Asia, and the Americas.

The decision to reduce staff aligns with an ongoing trend in the renewable energy sector, where companies are being forced to prioritize operational efficiency and project viability. While the cuts are described as small, they highlight the financial pressures that even major players like Corio face as the industry navigates a volatile landscape.