Macquarie-owned Green Investment Group (GIG) invested over £2.9bn ($3.8bn) across a global portfolio of 250 projects in the last year, taking its total spend on renewables developments to £6.9bn since 2017, the Australian company has reported.
Investments by GIG in UK and US solar, Polish and Nordic onshore wind, and offshore wind off Taiwan and Korea were highlighted in Macquarie’s annual progress report, along with a record 14 new power purchase agreements totting up to 1.3GW in clean-energy capacity.
Mark Dooley, global head of GIG, said 2019-2020 had “reinforced the true globalisation” of the group, saying: “As one of the world’s largest renewable energy developers and investors, we’re committed to accelerating the green transition.
“We’ve been investing and arranging record levels of capital, executing record volumes of power purchase agreements and extending our strategic partnerships to new territories and new companies.
“The events of 2020 have shown how critical that mission is, and at the start of this decisive decade, we stand ready to seize the opportunity and build back better.”
GIG has made a particularly large splash in the Asian offshore wind arena, with inauguration of Taiwan’s first commercial scale offshore wind farm, Formosa 1, and financial close of the 376MW Formosa 2, along with announcements it would partner with French oil giant Total to develop a giant 2.3GW complex of floating wind projects off Korea – the first 500MW phase of which is to begin by the end of 2023 – and with Spanish utility Iberdrola on a 3.3GW offshore wind portfolio in Japan.
Macquarie through GIG now has investments or operations in over 25 markets and a global development pipeline of more than 25GW.