Global financial group and asset manager Macquarie Group's Macquarie Energy Leasing Limited has formed a new solar business called OnStream Solar to cater to the commercial and industrial (C&I) market across Great Britain.
Calling its launch an important milestone in its ambition to create a leading commercial and industrial rooftop solar development platform, Macquarie Energy Leasing's Managing Director Neil Denley said, "An agile, flexible, development-focused business, backed by the global expertise, resources and reach of Macquarie, OnStream Solar is the perfect vehicle to help businesses retain competitiveness whilst delivering on their sustainability ambitions."
To trade as OnStream Solar, Macquarie Energy Leasing Limited will fund, install and maintain onsite rooftop solar PV systems for medium-to-large businesses promising zero upfront costs. Power generated will be supplied under power purchase agreements (PPA) with a typical life of 20 years.
It will initially work with businesses in the cold storage, warehousing, logistics, data centers, manufacturing, food and beverage, retail, and tourism sectors while supporting installations of all sizes.
Macquarie said it will continue to support energy supplies with the roll-out of smart meters as one of the largest investors in meters in Great Britain.
Onsite solar is considered a major tool for businesses to bring down their carbon emissions, energy costs and also their reliance on grid supplied electricity. More and more industries are increasingly opting to diversify their energy requirements with the addition of solar energy.
In 2022, corporate buyers entered 161 renewable energy PPAs representing 4 GW combined capacity out of 8.4 GW signed (see Europe Contracted 8.4 GW Renewable PPAs In 2022).
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