Macquarie cuts dozens of jobs in green investing unit as macro pressures take toll
Macquarie's renewables-focused Green Investment Group has made extensive staff cuts over the last year as the clean energy industry takes a macroeconomic hit.
Macquarie Asset Management Green Investment Group (GIG) has made extensive staff cuts across its subsidiary companies over the last year as macroeconomic headwinds hurt its ability to turn over assets.
Three sources with knowledge of the situation told Capital Brief that staff cuts have been made across Australia, Singapore and the UK as GIG has found difficulty onselling the renewables assets it develops. Some people from GIG have also been redeployed within Macquarie.
Two of the sources said dozens have jobs have been axed as a result of the downturn. Another source said some people from GIG have been redeployed within the broader Macquarie empire. Macquarie declined to comment.
GIG's playbook is to develop more than 90 gigawatts of renewables projects across 25 global markets, then to sell them to other Macquarie funds or to outside buyers.
