Significant Investment in Renewable Energy
Macquarie Asset Management (MAM), under its Green Investment Group, is poised to invest up to US$1.73 billion in acquiring a minority stake in D.E. Shaw Renewable Investments (DESRI). DESRI, an established independent power producer in the United States, has a strong foothold in utility-scale solar PV, wind, and battery energy storage systems. With an impressive development pipeline exceeding 25GW and an additional 6GW in current operations or construction, this move significantly bolsters MAM’s position in the renewable sector.
Strategic Enhancements and Operational Expansions
DESRI is actively expanding its reach in the renewable market, evidenced by the initiation of a 130MW solar-plus-storage project in New Mexico and the commencement of operations at the 80MW Elektron solar PV project in Utah as of May 2024. These projects complement MAM’s extensive portfolio, which includes 12GW of operational capacity and over 90GW in development. The firm’s existing power purchase agreements across 24 states promise enhanced operational synergy between MAM and DESRI’s expansive networks.
Future Prospects and Leadership Statements
The collaboration is supported by MAM-managed funds like Macquarie Global Infrastructure Fund, Macquarie Green Energy and Climate Opportunities Fund, and Macquarie Energy Transition Infrastructure Fund International. David Zwillinger, CEO of DESRI, expressed enthusiasm about accelerating growth in the renewable sector through this partnership. Christopher Frost, MAM’s senior managing director, highlighted the investment as a strategic enhancement to Macquarie’s diversified global infrastructure portfolio. With both companies poised for increased activity in global markets, this partnership aims to leverage the burgeoning opportunities in the renewable energy market, promoting a sustainable energy future.
