Australian investment bank Macquarie Asset Management (MAM) is set to invest up to US$1.73 billion to acquire a significant minority stake in US independent power producer D.E. Shaw Renewable Investments (DESRI).
DESRI, which develops, owns and operates utility-scale solar PV, wind and battery energy storage systems across the US, has a development pipeline of over 25GW and 6GW capacity in operations or under construction.
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Additionally, DESRI has long-term power purchase agreements (PPAs) in place with a diversified base of off-takers, including corporates, utilities, and co-operatives in 24 states. This will complement MAM’s 12GW of operational capacity and over 90GW of green energy assets in development across its portfolio.
D.E. Shaw recently started work on a 130MW New Mexico solar-plus-storage project in the US and launched commercial operations at its 80MW Elektron solar PV project in Utah in May 2024.
David Zwillinger, CEO of DESRI, said that the group is “excited” to expand further into the renewable energy space, with the partnership to “further accelerate growth in this exciting space”.
The MAM-managed funds include Macquarie Global Infrastructure Fund (MGIF), Macquarie Green Energy and Climate Opportunities Fund (MGECO) and Macquarie Energy Transition Infrastructure Fund International (METI).
Christopher Frost, senior managing director at Macquarie Asset Management—Real Assets, stated the partnership underscores Macquarie Group’s objective of expanding its global portfolio of diversified core infrastructure assets.
“We are excited to invest in DESRI, an energy transition platform of scale with a proven, highly-regarded management team and a large base of operating assets which we expect will grow over the medium term through the successful completion of late-stage projects,” Frost said.
MAM is active in multiple global markets and has a strong presence in the solar PV industry. Late last year (20 November), PV Tech reported that MAM launched a new onshore renewable energy business division, Aula Energy, developing renewable energy generation projects in Australia and New Zealand.
Aula Energy’s portfolio will have a combined capacity of 4GW of planned projects, comprising utility-scale solar PV, wind, and battery storage, which support energy transition by helping increase renewable energy capacity in the grid.
Macquarie Asset Management’s investment arm, Green Investment Group, also launched Cero Generation in 2021. Its portfolio includes projects from multiple European countries, including Spain, France, Italy and Greece.
William Demas, head of Macquarie Asset Management Green Investments for the Americas, believes the partnership will help Macquarie and DESRI capitalise on the growing opportunities in the renewable energy space.
“With the growth of the renewable energy market, suppliers and customers are seeking trusted partners that can scale and consolidate the market,” Demas added.
