MAM has agreed to invest up to $1.725 billion to acquire a significant minority stake in DESRI
It will enable the company to expand its existing 12 GW AC operational green energy project capacity
DESRI operates and has under development several GWs of utility-scale solar, wind and battery energy storage capacity
Global asset manager under Australian multinational investment firm Macquarie Group, Macquarie Asset Management (MAM) is set to invest close to $1.725 billion to acquire a significant minority stake in US-based renewable energy developer, owner and operator D.E. Shaw Renewable Investments (DESRI) with several GWs of operating and under-development portfolio.
Part of the D.E. Shaw Group, DESRI currently has more than 6 GW AC of gross capacity of projects in operation or under construction, 4 GW AC of contracted pre-construction projects, and a development pipeline exceeding 25 GW AC capacity, comprising utility-scale solar, wind and battery storage projects.
Additionally, DESRI has long-term power purchase agreements (PPA) in place with a diversified base of offtakers, including corporates, utilities, and co-operatives in 24 US states. It sees this investment as enabling it to advance its growth.
MAM said the DESRI platform will complement its existing 12 GW AC operational green energy project capacity.
It is making this investment through a number of funds it manages, including the Macquarie Global Infrastructure Fund (MGIF), the Macquarie Green Energy and Climate Opportunities Fund (MGECO), and the Macquarie Energy Transition Infrastructure Fund International (METI).
The Head of Macquarie Asset Management Green Investments for the Americas, William Demas said, “With the growth of the renewable energy market, suppliers and customers are seeking trusted partners that can scale and consolidate the market. We believe that this partnership with DESRI well-positions Macquarie Asset Management to capture this opportunity and help accelerate the transition to net zero.”
Macquarie is already invested in US-based Galehead Development through its Green Investment Group (GIG). It is now also eyeing renewable energy manufacturing space in the US through DYCM Power, which recently announced plans to establish up to 6 GW solar cell and module production capacity in the country (see 6 GW Solar PV Cell & Module Production Plans For Southeast US).