Macquarie Group's (ASX:MQG) offshore wind development unit, Corio Generation, will undergo a restructuring due to challenging market conditions, according to a statement released Tuesday.

Corio will focus on developing a smaller portfolio of projects with "the clearest route through to construction," a spokesperson said in the statement.

Macquarie canceled the sale of Corio due to a lack of interest amid opposition from the Trump administration to renewable energy sources, sources said in a report from Reuters.

Macquarie engaged advisers last year to find a buyer for Corio, which oversees a 25-gigawatt pipeline of offshore wind projects across Europe, Asia-Pacific, and the Americas, the report said.

Macquarie shares fell nearly 3% in morning trade Wednesday.