Macquarie Asset Management agrees to invest in Island Green Power

Macquarie Asset Management, through the Macquarie Green Investment Group Renewable Energy Fund 2 (MGREF2), will expand its presence in the solar sector with an agreement to acquire a 50% stake in Island Green Power, a UK-based renewable energy developer.

Island Green Power is primarily focused on the development of utility-scale solar plants and has an established pipeline in the UK and Spain, amongst other developed economies. Macquarie Asset Management has also agreed to acquire a stake in a ready-to-build 65 MW solar project located in Suffolk, UK, from Island Green Power. The project, which includes the potential for 50 MW of battery storage, closely aligns with MGREF2’s mandate to develop, construct, and operate renewable energy projects over the long term.

The transaction is expected to reach completion by the second quarter of 2022. The acquisition of the Suffolk solar project is expected to reach completion soon after. The financial terms of the two transactions have not been disclosed.