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Macquarie expands green investment platform to North America

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Macquarie expands green investment platform to North America

Macquarie Capital on June 28 announced the launch of its Green Investment Group, formerly known as UK Green Investment Bank Ltd., in North America.

Through the expansion of GIG, Macquarie said it expects to focus on project construction and operations in the renewables sector, principal investment and financing solutions in North America, according to a news release.

GIG will help grow renewable energy technologies such as onshore and offshore wind, solar, hydro, transmission, waste and biomass and emerging asset classes such as tidal, biofuels, energy efficiency, storage, low carbon transport, smart grid and district heating, according to Macquarie.

"Since 2010, GIG and Macquarie Capital have led investment in green energy projects valued at more than $20 billion," said Nick Butcher, global co-head of infrastructure and energy for Macquarie Capital.

GIG expects to develop assets in the renewable sector in North America through its partnership with solar development team Candela, which will develop assets exclusively for GIG. Since 2008, Candela has developed 26 projects in six states providing more than 4,100 MW of solar energy. A consortium led by Macquarie Group Ltd. in August 2017 acquired GIG from the U.K. government for £2.3 billion as the primary vehicle for principal investment in green projects in the U.K. and Europe.

Macquarie also announced that GIG has developed, commercialized and reached financial close for the 200-MW Canadian Breaks onshore wind facility in Texas. Macquarie developed the wind facility, provided the entire sponsor equity, served as financial advisor and led the structuring of an energy hedge, tax equity and debt financing provided by Rabobank, National Australia Bank and Siemens Financial Services.

The wind project includes Siemens Gamesa Renewable Energy's wind turbines and is connected into the Electric Reliability Council of Texas' electric grid.

Additionally, Macquarie Capital appointed Greg Callman to the newly created position of global head of energy technology. Callman most recently worked at Tesla Inc.'s Energy Products division.