Macquarie takes risk in Island Green Power

• Asset supervisor will certainly additionally obtain part of a 65MW solar project in Suffolk from developer

Macquarie Asset Management has reached an agreement to get a 50% stake in UK renewables designer Island Green Power.

The investment, through the Macquarie Green Investment Group Renewable Energy Fund 2 (MGREF2), will enable the asset manager to increase its European solar presence.

Concurrently with the primary purchase, Macquarie Asset Management has also consented to get a risk in a ready-to-build 65MW solar project situated in Suffolk, UK, from Island Green Power.

The project, that includes the capacity for 50MW of battery storage space, carefully straightens with MGREF2's required to create, construct, and also operate renewable energy projects over the long-lasting.

The deal is anticipated to reach conclusion by the end of the 2nd quarter of 2022.

The purchase of the Suffolk solar project is anticipated to get to completion right after.

Financial regards to both deals have actually not been disclosed.

Island Green Power is mostly concentrated on the advancement of utility-scale solar plants and has a recognized pipeline in nations that include the UK and also Spain.

Over virtually a years, Island Green Power has actually established more than 1 GW of renewable energy assets as well as protected a development pipe with an incorporated capability of 11 GW.

Macquarie Asset Management will certainly spend along with Island Green Power's investors as well as senior management team, that will certainly all continue to be purchased the business.

Macquarie Asset Management taking care of supervisor David Tilstone said: "Solar power is a cornerstone modern technology that will play a main role in helping countries satisfy their net zero targets.

" Island Green Power has a solid track record of providing effective solar projects, specifically in the UK.

" We are delighted to sustain Island Green Power as it remains to increase its pipe of projects across the globe, and also we are excited to take their Suffolk solar growth project forward."

Island Green Power president Ian Lawrie added: "Macquarie's knowledge in the renewable energy field will certainly likewise be instrumental in supporting the advancement of our current as well as future solar as well as battery projects."