Macquarie’s Green Investment Group (GIG) has signed off on a definitive agreement to acquire the PV and energy storage unit of Tradewind Energy, a subsidiary of Enel Green Power North America.
This unit, named Savion, is an integrated US solar and energy storage development platform that boasts a project development pipeline of 6GW of solar and energy storage development projects. Upon closing, Savion will be managed by former Tradewind principals Rob Freeman and Geoff Coventry. The transaction is expected to close by mid-2019, pending regulatory approval.
Chris Archer, head of Green Energy Americas for Macquarie Capital, said: “The US solar market presents a very attractive investment opportunity and we see strong fundamentals driving future growth. The commitment we announce today is a continuation of GIG’s strategy in US utility-scale solar. Tradewind’s seasoned team of specialists have built a leading solar and storage development platform that we expect to thrive in partnership with GIG.”
Nick Butcher, global co-head of infrastructure and energy at Macquarie Capital, added: “GIG backs developers around the world to invest in, manage and provide services to green energy projects. We are confident that Savion will benefit greatly as part of our growing global platform. We are delighted with our partnership with Savion, which will deliver significant scale in US solar development and storage and continue to advance GIG’s position as a leading global developer and investor in green energy projects.”