Canadian institutional investor British Columbia Investment Management Corporation (BCI) has received a nod from the EU to invest in Eku Energy, a UK-based battery storage platform launched by Macquarie Asset Management’s Green Investment Group (GIG).
The transaction was given the go-ahead by the European Commission (EC) which ruled that the proposed investment is not expected to harm competition as Eku Energy does not have any activities within the European Economic Area (EEA), a press release said on Monday.
BCI inked a deal to invest in GIG’s global battery storage platform in January. The value of the agreement and the shareholding to be acquired remained undisclosed.
Eku Energy has 190 MWh of projects with a pipeline of over 3 GWh across the UK, Australia, Japan and Europe. GIC launched the platform in November.
Victoria, British Columbia-based BCI provides investment management services. Its infrastructure & renewable resources programme (I&RR) is valued at about CAD 20.2 billion (USD 14.6bn/EUR 13.7bn).
The Canadian firm last year partnered with Macquarie Asset Management in two M&A transactions. The two were part of a consortium that agreed in March 2022 to take over European independent solar power producer Reden Solar and then later that month teamed up to buy a 60% stake in UK transmission operator National Grid’s gas transmission and metering business.
(CAD 1 = USD 0.723/EUR 0.683)
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