Reventus Power cuts 20% of staff and pivots to fixed-bottom project focus
Reventus Power, CPP Investments’ global offshore wind platform, has reduced its workforce by one-fifth as part of a strategic shift to navigate a difficult offshore wind investment market, according to ION Analytics.
At least 10 people have exited the development and investment team in recent days, sources familiar with the matter told Infralogic.
Reventus had a team of 50 last year following its expansion. The company, headquartered in London, confirmed that the changes reflect its new strategic direction.
A spokesperson said, “Aligning its resources with Reventus Power’s evolved strategy has resulted in a refocus of the current team with some reductions,” without providing additional details.
The company, established in 2021, had previously expanded its team as it aimed to grow its presence in the UK, Germany, Poland and Portugal.
It also acquired the non-French team and business of Maple Power, a joint venture between CPP Investments and Enbridge, which doubled its staff to 50 offshore wind specialists.
Reventus will now concentrate on conventional fixed-bottom projects and those closer to construction, rather than riskier floating wind projects in early development.
It will also look to acquire stakes in externally developed offshore wind projects nearing final investment decision.
The spokesperson said this move aims to adapt to an offshore wind market that “has been impacted by supply chain developments and macro-economic and political headwinds”.
The global offshore wind sector has seen declining prospects over the past year.
After the election of US President Donald Trump in November, the US scaled back its offshore wind ambitions.
Macquarie’s recent decision to halt the sale of its offshore wind platform Corio Generation due to insufficient interest also reflects the current market climate.
Reventus has invested in projects with a total generation capacity of 7 GW. Its portfolio includes projects in Australia, the UK, and the US.
In Australia, the company holds a stake in the 2.5 GW Gippsland Skies wind farm off Victoria’s coast, which received a feasibility license last year.
In the UK, it is partnering with EDF and ESB to build the 1 GW Gwynt Glas floating offshore wind farm.
In the US, it is working with Ocean Winds on the 2 GW Golden State Wind floating project off California’s central coast, which began lease area surveys last year.
Financial results show widening after-tax losses for Reventus, from GBP 2.8m in 2022 to GBP 10.1m in 2024.
CPP Investments’ total global offshore wind exposure exceeded $1bn as of April 2024, including investments through Reventus. CPP Investments did not respond to requests for comment.
CPP Investments previously developed European offshore wind projects through Maple Power, including the operational Saint-Nazaire project and Provence Grand Large, France’s first floating offshore wind project.
Jochen Froehlich, former CFO of Corio and an experienced M&A and corporate governance executive, joined Reventus as CFO last year.
