The investment group Macquarie has raised a $1,6 billion euros fund to invest in renewable energy projects across the globe. The raise exceeded its original target of a billion euros, the company announced this Wednesday.
Firstly, Macquarie Infrastructure and Real Assets (MIRA) raised it, and it has a final close with Macquarie Green Investment Group Renewable Energy Fund 2 (MGREF2); which is a 25-year closed-end budget.
Secondly, MGREF2’s target is to invest in a diversified portfolio of renewable energy assets, from various stages of operation, across the globe; in countries like the U.S., Canada, Mexico, Japan, Australia and New Zealand.
In fact, the MGREF2 has already made two major investments. Firstly, in the 576 MW Gwynt y Môr Offshore Wind Farm in the United Kingdom, for a 10% stake interest. Secondly, in the 268 MW portfolio of operating residential rooftop solar assets in the U.S, for a 50% stake.
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Fund will serve to a global decarbonization effort
Specifically, for this raise, MGREF2 attracted the commitment of 32 investors, including pensions, local government, insurers and also sovereign wealth funds. Moreover, Europe was the largest source of capital for the raise; then, Asia-Pacific and North America were the biggest participants.
Therefore, the fund will have special presence in all those areas of the globe; it will also contribute to a global decarbonization effort, as it is focused on assets which would provide for a positive environmental change.
“Our changing climate presents deep challenges to our environment, economy and also way of life,” said Leigh Harrison, Head of MIRA. “It is vital we take action to accelerate the shift to clean energy; building on the opportunities presented by rapid technological change, also falling technology costs; as well as strong political and regulatory support.”
“Consequently, as custodians of the world’s first dedicated operational offshore wind fund, we are committed to developing a successor; to harness deep institutional capital pools to help achieve net zero. Therefore, MGREF2 is the next step in this journey and we are also delighted with the strong support the fund has received from our investors.”