Macquarie's GIG enters US with wind investment

UNITED STATES: The Green Investment Group (GIG), a subsidiary of investor Macquarie, has opened a business unit in North America, following the financing of a 200MW Texan project.

GIG invested in several UK offshore wind projects. It is now looking further afield in the US for investment opportunities

The group, formerly the UK government-owned Green Investment Bank, has developed and financed the 200MW Canada Breaks project in northern Texas.

The site will comprise Siemens Gamesa Renewable Energy turbines. GIG said it was the first greenfield project, backed by Macquarie Capital, it had developed.

"Canadian Breaks is the first US greenfield wind project we have developed from inception and is the only deal to close in Texas’s Panhandle since 2016.

"The project demonstrates our ability to manage complex processes and work collaboratively with top-tier counterparties and construction partners," said Macquarie Capital managing director Thomas Houle.

Along with financing the wind site, GIG has also established Candela Renewables, which will develop solar projects exclusively for GIG as it moves into North America.

"The [US] platform will focus on asset creation in the renewables sector, principal investment and financing solutions that span all stages of the project lifecycle, including development, construction and operations," GIG said.

Chris Archer, head of green energy in the Americas for Macquarie Capital, added: "We believe that the renewables sector in North America is poised for a prolonged period of growth as falling technology costs combined with growing demand from corporates and utilities drive increasing deployment."

The UK's Green Investment Bank was set up in 2012, with the purpose of investing in remewable and low-carbon projects, in a bid to encourage further private investment in to the sector. 

It was sold to Macquarie in August 2017 in a €2.3 billion deal.