Macquarie Group’s asset management division has agreed to acquire a minority stake in DE Shaw Renewable Investmentsa renewable energy company that owns, operates and develops wind, solar and battery storage projects in the United States.
Capital investment of up to US$1.73 billion “aims to enable Desri to continue its growth and enhance its market leadership position”the companies said in a statement seen by Bloomberg News and due to be published Tuesday.
Macquarie Asset Management, part of Sydney-based Macquarie Group, is conducting the transaction through equity funds. as Macquarie Global Infrastructure Fund, Macquarie Green Energy and Climate Opportunities Fund and Macquarie Energy Transition Infrastructure Fund International. The agreement is subject to regulatory approvals.
Desri is “a large-scale energy transition platform with a proven and highly respected management team anda large operating asset base that we expect to grow in the medium term through the successful completion of advanced stage projects,” said Christopher Frost, senior managing director at Macquarie Asset Management focused on real assets, in the statement.
Desri, led by CEO David Zwillinger, has a portfolio in 24 states with more than 10 gigawatts of generating capacity, which can supply nearly 2 million homes, according to its website. It also has a pipeline of projects in development of more than 25 gigawatts, Macquarie said Tuesday.
“As the renewable energy market grows, suppliers and customers are looking for trusted partners who can expand and consolidate the market,” William Demas, head of Green Investments for Macquarie Asset Management in the Americas, said in the statement. The partnership will help Macquarie “seize this opportunity and accelerate the transition to net zero.”
