Super fund backs Macquarie’s green energy portfolio

22 April 2024
| By Jessica Penny |
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The asset manager is bolstering its investments in the global energy transition and climate opportunities.

The Macquarie Green Energy and Climate Opportunities Fund (MGECO) is to acquire a portfolio of six solar, wind, energy storage, and natural climate solutions investments.

According to Macquarie, the portfolio comprises investment projects across the Americas, Asia Pacific and Europe including Galehead Development, Treaty Oak Clean Energy, Aula Energy, Blueleaf, Energy Outer Dowsing, and Forliance.

These businesses will provide initial access to approximately 100 underlying projects across onshore and offshore wind, solar, storage, and carbon-related projects.

Moreover, it represents more than 17 gigawatts (GW) of green energy capacity in development, construction, and operations.

MGECO, which has been developed by Macquarie Asset Management’s Green Investments team since 2018, is being supported by “key clients” including UniSuper, LGPS Central, and Border to Coast Pensions Partnership.

Namely, UniSuper announced on Friday that it had committed up to US$400 million to the portfolio.

“Over several years, we have worked closely with specialist teams and partners across our platform to create, acquire and grow a portfolio of companies and projects diversified across geographies, technologies, power markets and development stages,” commented Edward Northam, head of core renewables at MAM Green Investments.

“The portfolio seeks to accelerate the green transition through its extensive, high-quality development pipelines and operational projects that are well aligned to national targets and policies.”

UniSuper’s chief investment officer John Pearce confirmed that the fund is a significant investor of MGECO and will be investing alongside Macquarie’s balance sheet.

“This is an investment of scale and quality with a pipeline of opportunities helping to accelerate the transition to net zero. It will enable UniSuper to invest across technologies and geographies in projects that we believe will generate attractive long-term returns for our members,” Pearce clarified.

“The energy transition will require mature sustainable technologies to meet net zero targets in Australia and around the world. Macquarie is one of the most experienced managers in this space with deep expertise, strong financial backing and a proven track record, their [experience] on the ground investment and operational teams and global networks are second to none.

“The investment supports UniSuper’s strategy to develop smart partnerships with high-quality, aligned managers to complement our in-house investment capability.”

Macquarie Asset Management is the world’s largest infrastructure manager and a leading energy transition investor. It is supporting more than 90 GW of green energy projects in development, two GW in construction, and 14 GW in operations.

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