Macquarie Asset Management said today that it has struck an agreement through Macquarie Green Investment Group Renewable Energy Fund 2 (MGREF2) to acquire a 50% stake in UK-based renewables developer Island Green Power.
Under a separate transaction, the Australian asset manager agreed to take a stake in a 65-MW ready-to-build solar project in Suffolk, UK, from Island Green Power.
Financial details on both deals were not disclosed.
Island Green Power specialises in the development of utility-scale solar farms, and has a pipeline in the UK, Spain, and other developed economies. The firm is said to have developed over 1 GW of renewables and secured a diverse development pipeline with 11 GW of combined capacity.
Island Green Power’s solar project in Suffolk includes the potential for 50 MW of battery storage, Macquarie Asset Management said.
“Island Green Power has a strong track record of delivering successful solar projects, particularly in the UK. We are delighted to support Island Green Power as it continues to expand its pipeline of projects across the globe, and we are excited to take their Suffolk solar development project forward,” commented David Tilstone, a Managing Director at Macquarie Asset Management.
Macquarie Asset Management expects to finalise the main transaction by the second quarter of 2022. The stake acquisition in the Suffolk solar project is expected to wrap up soon after, the firm added.
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