June 28 (Renewables Now) - Green Investment Group Ltd (GIG), the former UK Green Investment Bank now part of Macquarie Group Ltd (ASX:MQG), has launched in North America, becoming a global renewable energy investment platform, Macquarie Capital said today.
As part of the North American launch announcement, there was news that GIG has completed two transactions in the US -- a solar development partnership and the financial close of a 200-MW wind project.
The business is launching Candela Renewables through a partnership that backs a solar development team. Candela, co-founded by Brian Kunz and Nik Novograd, will develop assets exclusively for GIG. The arrangement targets the creation of more than 1 GW in new solar projects, said Chris Archer, head of Green Energy Americas for Macquarie Capital.
GIG has also developed, commercialised and reached financial close of a 200-MW onshore wind farm, called Canadian Breaks, in Texas.
The project, which will use Siemens Gamesa wind turbines, was fully developed by Macquarie Capital, which provided 100% of the sponsor equity. Macquarie Capital also acted as financial advisor and led the structuring of an energy hedge, tax equity and debt financing. Rabobank, National Australia Bank and Siemens Financial Services provided debt financing.
"We see a tremendous opportunity for renewable energy, and we are committed to building a strong pipeline across the full range of renewable subsectors, adding further scale to our global green energy business," said Archer and added that the renewables sector in North America is poised for an extended growth period on the back of falling technology costs and growing demand from corporates and utilities.
In addition, Macquarie Capital said it has recently created a new position, Global Head of Energy Technology, to pursue opportunities in battery storage and distributed energy. Greg Callman was appointed to the role, joining from Tesla’s Energy Products division.