Macquarie eyes renewables with $673m investment warchest

Australian group has recently made major forays into offshore wind and extended geographic reach

Global finance group Macquarie unveiled plans to raise A$1bn ($673m) in new capital as it targets investments in renewable energy, the Australian group said on Wednesday.

Macquarie said the A$1bn is expected to be targeted at investments in the current quarter, specifying renewables, technology and infrastructure “across most regions primarily by Macquarie Capital”.

“Renewable energy is an area where our investors are getting very strong returns,” CEO Shemara Wikramanayake told reporters in Sydney.

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Macquarie – one of the most active investors globally in renewables and other clean energy projects – will raise the funds via a share offering, it told the Australian Stock Exchange.

The Australian group – which controls the Green Investment Group (GIG), formerly the UK Green Investment Bank – has steadily increased the scale and geographic reach of its renewable investments over the past few years.

Its recent forays include a $2bn deal for a 40% stake in Iberdrola’s 714MW East Anglia One offshore wind farm in UK waters.

GIG this month spread its wings with debut onshore wind investments in Poland and Norway.

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