Venterra Group, founded by former Petrofac chief Ayman Asfari, is reportedly seeking fresh investment as the renewables sector faces a slowdown.
Sky News reports the group is seeking £40million from investors amid the challenging climate sweeping through swathes of the renewable energy sector.
The company has already raised £250million since 2021, including significant backing from Beyond Net Zero, a fund affiliated with General Atlantic.
Lord Browne, the former BP chief executive, serves on Venterra’s board as a non-executive director representing Beyond Net Zero.
General Atlantic and First Reserve are both expected to participate in the latest fundraising round.
A source told Sky News that “the failure of several auction rounds across the European renewables industry, and ongoing political uncertainty in the US and UK, had contributed to turbulence in the offshore wind market.”
The sector is also being affected by shifting investment priorities “in part precipitated by Donald Trump’s second term as US President.”
Venterra did not respond to Sky News’ request for comment.