Copenhagen Infrastructure Partners' U.S. subsidiary, Vineyard Offshore, has confirmed that it will eliminate 50 positions across the U.S. and Europe, citing recent market uncertainties. The company, which is involved in major offshore wind projects, said the decision was made to ensure the long-term success of its ventures.
A spokesperson for Vineyard Offshore explained in a statement, “In an effort to position our projects for sustainable long-term success we have made the difficult decision to reduce our current team size in light of recent market uncertainties. We look forward to continuing to advance these transformative American energy projects in the years ahead.”
According to a source familiar with the matter, the 50 job cuts included a combination of unfilled positions, contractors, and regular employees. Some employees were reassigned to other projects outside of the U.S.
Vineyard Offshore is a key player in the U.S. offshore wind sector, notably as part of a joint venture with Iberdrola's Avangrid. The partnership is constructing the 806MW Vineyard Wind project off the coast of Massachusetts, one of three offshore wind projects currently under development in the U.S.
The company is also leading the 1.3GW Excelsior Wind project in the New York Bight region, which is under consideration for a power purchase agreement with the state of New York.
However, Vineyard Offshore faced setbacks with its follow-up project, the 1.2GW Vineyard Wind 2, which was paused in December after the state of Connecticut declined to purchase 400MW of the project's capacity. While Massachusetts had agreed to purchase 800MW in a multi-state solicitation, the project is now being reassessed.
The company's focus remains on advancing its offshore wind initiatives, despite the challenges in securing contracts for some of its developments.
