Macquarie’s Green Investment Group launches in North America
The Green Investment Group (GIG), owned by Macquarie Capital, has announced plans to develop renewable energy projects in North America for the first time.
The Green Investment Group (GIG), owned by Macquarie Capital, has announced plans to develop renewable energy projects in North America for the first time.
Macquarie announced the news last week, which will see GIG initially partner with California’s Candela Renewables to bring forward 1 gigawatt of new solar projects. The San Francisco firm has developed 26 solar farms representing 4.1 gigawatts over the past decade. The new arrangement will see it develop assets exclusively for the group.
Nick Butcher, global co-head of infrastructure and energy at Macquarie said the launch will focus the asset manager’s “long-term strategic commitment to the renewable energy sector and strengthens our ability to develop and construct green energy projects in the region.”
Macquarie also announced that financial close has been reached on a new wind farm in Texas to mark the opening of the new clean infrastructure platform. The 200 megawatt wind farm, called Canadian Breaks, is the first wind deal to be reached in Texas’ panhandle region since 2016. Macquarie provided 100 percent of the equity and also led on the debt financing side.
Chris Archer, the firm’s head of green energy in the Americas, said: “We see a tremendous opportunity for renewable energy, and we are committed to building a strong pipeline across the full range of renewable subsectors, adding further scale to our global green energy business. We believe that the renewables sector in North America is poised for a prolonged period of growth as falling technology costs combined with growing demand from corporates and utilities drive increasing deployment.”
GIG started life as the Green Investment Bank, a vehicle created by the UK Government to accelerate clean energy projects in the country. Since Macquarie bought the bank in 2017, for an estimated £2.3 billion, it has sought to grow its clean energy credentials abroad. The North America launch follows similar ventures in Europe and Asia.
Photo Credit: Mal Booth/CC
