Australian investment bank Macquarie Asset Management (MAM) has agreed to acquire a significant minority stake in US independent power producer D.E. Shaw Renewable Investments (DESRI) in a deal worth up to US$1.73 billion.
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.
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.
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).
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D.E. Shaw recently started work on a 260MWh New Mexico solar-plus-storage project in the US. This is DESRI’s latest project in the state, following its 200MW San Juan solar-plus-storage project, for which it completed financing last June, and the 28MW Alta Luna solar project, which started commercial operations in 2017.
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”.
Battery energy storage developer Eku Energy is jointly owned by a fund managed by Macquarie Asset Management’s Green Investment Group (GIG) and institutional investor British Columbia Investment Management. Eku has projects in development, construction or operation in territories including Australia, the UK, Italy, and Japan.
This article first appeared on our sister site PV Tech.
