Macquarie raises EUR1.6 billion for Renewable Energy Fund

Macquarie Infrastructure and Real Assets (MIRA) has raised more than EUR1.6 billion (USD1.93 billion) for investment in renewable energy with the final close of Macquarie Green Investment Group Renewable Energy Fund 2 (MGREF2) – exceeding its initial minimum fundraising target of EUR1 billion (USD1.2 billion).

MGREF2 is a 25-year closed-end fund which will invest in a diversified portfolio of assets including platforms and construction and operational stage wind and solar projects in Western Europe, the United States, Canada, Mexico, Japan, Taiwan, Australia and New Zealand.

MGREF2 is managed by MIRA and will draw on the deep technical expertise in Macquarie’s Green Investment Group (“GIG”) when investing in and managing construction stage projects, and to provide tailor made green impact reporting to its underlying investors. 

MGREF2 attracted commitments from 32 investors including pension funds, local government pension schemes, insurers and sovereign wealth funds. Europe was the largest source of capital for the fundraise, with other commitments received from investors in Asia-Pacific and North America.

MGREF2 has made two investments to date, having acquired a 10 per cent stake in the 576 MW Gwynt y Môr Offshore Wind Farm in the United Kingdom and a 50 per cent stake in a 268 MW portfolio of operating residential rooftop solar projects across the United States.