August 14 (Renewables Now) - Green Investment Group (GIG) announced today it has acquired a “significant” solar development portfolio in the Asia Pacific region from downstream solar company Conergy Asia & ME Pte Ltd.
The deal will also see GIG, the former UK Green Investment Bank, now part of Macquarie Group Ltd (ASX:MQG), expand its team with 88 solar experts with a track record of developing over 500 MW of photovoltaic (PV) projects across Asia Pacific. In addition to the solar development portfolio, GIG will also acquire commercial, technical and energy storage capabilities and an asset monitoring centre.
Following the transaction, GIG will have a personnel of over 300 people globally. The Conergy employees that will join its team are based in Singapore, Australia, Japan, Germany and the Philippines.
“This acquisition underscores our ambition for GIG to advance its position as a world leading developer and investor in green energy projects in Asia and globally [..],” said Daniel Wong, global co-head of infrastructure and energy for Macquarie Capital. It is also seen as a further expansion of Macquarie’s solar and battery storage activities, allowing it to “pursue other investment opportunities in a rapidly-growing region for the renewables sector,” added Neil Arora, head of Macquarie Capital for Asia and the Middle East.
At present, GIG is developing over 7 GW of renewable energy projects, the green investment manager noted.