Macquarie Raises 1.6 Billion Euro for Renewable Energy Investment Fund

[Asia Economy Reporter Minji Lee] Macquarie Infrastructure Real Assets Business Division (hereinafter ‘MIRA’) announced on the 22nd that it has completed the final fundraising for Macquarie Green Investment Group Renewable Energy Fund 2 (hereinafter ‘MGREF2’) with a total of 1.6 billion euros (approximately 2.1 trillion KRW), exceeding the minimum target of 1 billion euros.

MGREF2 is a 25-year closed-end fund investing in a diversified portfolio of wind and solar power generation assets under construction and operation stages in Western Europe, the United States, Canada, Mexico, Japan, Taiwan, Australia, and New Zealand.

MGREF2 leverages the high technical expertise of Macquarie Group’s renewable energy division, Green Investment Group (hereinafter ‘GIG’), in investing and managing construction-stage projects, and provides customized environmental impact reports to investors. MGREF2 and GIG plan to explore co-investment opportunities by combining MIRA’s long-term capital management and investment expertise with GIG’s sector expertise.

MGREF2 secured investment commitments from 32 entities including pension funds, local government pension funds, insurance companies, and sovereign wealth funds. Capital from Europe accounted for the largest share, with investors from the Asia-Pacific and North America regions also participating. The fact that MGREF2 contributes to the low-carbon transition appears to have moved many investors who want to increase investments in assets that bring positive environmental changes.

Lee Harrison, CEO of MIRA, said, “MIRA, which operates the world’s first specialized fund for operational offshore wind power investments, has been dedicated to developing follow-up funds that contribute to achieving net zero greenhouse gas emissions based on large-scale institutional investor capital. MGREF2 is a new step in this journey.”

So far, MGREF2 has made two investments, securing a 10% stake in the 576 MW Guntymore offshore wind farm in the UK and a 50% stake in a 268 MW solar project for residential facilities in the United States.

MGREF2 is a follow-up fund launched based on the success of MGREF1, the world’s first specialized fund for operational offshore wind power investments. MGREF1 was established and operated by the Green Investment Bank (hereinafter ‘GIB’), and after Macquarie Group acquired GIB (now GIG) from the UK government in 2017, it has been managed by MIRA. Currently, MGREF1 manages investments in a portfolio of six offshore wind farms totaling 1,450 MW in the UK.

MIRA is the world’s largest infrastructure manager and a leading clean energy investor, managing investments in a global portfolio of approximately 12.3 GW of green power generation. Last December, MIRA committed to investing in and managing its portfolio with the goal of achieving net zero greenhouse gas emissions by 2040.

This content was produced with the assistance of AI translation services.