Press Release

Macquarie Asset Management agrees to invest in Island Green Power

London, 31 March 2022

Macquarie Asset Management, via Macquarie Green Investment Group Renewable Energy Fund 2 (MGREF2), will expand its presence in the solar sector with an agreement to acquire a 50 per cent stake in Island Green Power, a UK-based renewable energy developer.

Island Green Power is primarily focused on the development of utility-scale solar plants and has an established pipeline in the UK and Spain, amongst other developed economies. Over nearly a decade, Island Green Power has successfully developed more than 1 GW of renewable energy assets and secured a diverse development pipeline with a combined capacity of 11 GW. Macquarie Asset Management will invest alongside Island Green Power’s current shareholders and senior management team, who will all remain invested in the business.

Concurrently with the main transaction, Macquarie Asset Management has also agreed to acquire a stake in a ready-to-build 65 MW solar project located in Suffolk, UK, from Island Green Power. The project, which includes the potential for 50 MW of battery storage, closely aligns with MGREF2’s mandate to develop, construct, and operate renewable energy projects over the long-term.

David Tilstone, a Managing Director at Macquarie Asset Management, said: “Solar energy is a cornerstone technology that will play a central role in helping countries meet their net zero targets. Island Green Power has a strong track record of delivering successful solar projects, particularly in the UK. We are delighted to support Island Green Power as it continues to expand its pipeline of projects across the globe, and we are excited to take their Suffolk solar development project forward.”

Ian Lawrie, Chief Executive Officer of Island Green Power, said: “Over the past decade our business has grown from being a UK-focused solar developer to become a one of the major International solar developers with operations in five markets. With Macquarie’s support to further accelerate our growth ambitions, we are well-positioned alongside our investment partners to play a leading role in the energy revolution and deliver long-term energy security. Macquarie’s expertise in the renewable energy sector will also be instrumental in supporting the development of our current and future solar and battery projects. We look forward to partnering with Macquarie through the next phase of our growth.”

This transaction is MGREF2’s latest investment, having recently acquired Apex Energies Group in France and agreeing to acquire Reden Solar in a consortium with British Columbia Investment Management Corporation and MEAG.

Macquarie Group is a leading global renewables developer, having invested or arranged around £34 billion in green energy projects since 20101. Macquarie Group has more than 50 GW of green energy projects in development, construction, and operation worldwide.

Subject to the satisfaction of customary closing conditions and regulatory approvals, the transaction is expected to reach completion by Q2 2022. The acquisition of the Suffolk solar project is expected to reach completion soon after. The financial terms of the two transactions have not been disclosed.


About Island Green Power

Island Green Power is a leading international developer of Solar Photovoltaic (PV) Plants, with a focus on large scale 'Utility Size' solar plants.

We have over 25 years’ experience in the energy industry, 10 of those specifically in the Solar PV sector. From finding land and assessing viability; to seeking planning permission and grid connection permits; to bringing a site to a notice to proceed stage – our highly experienced management team has completed over 1GW of projects around the world. These projects are now owned by some of the largest solar investors in the world.

Our mission is to help every country we operate in to increase their solar energy usage, making more renewable energy possible and saving thousands of tonnes of CO2 in the process. To achieve this, we are working on projects around the world, including UK, Spain, New Zealand, Australia and Italy, Spain. We are also supported by an established network of professional advisors and local partners in the various markets in which we operate. We are committed to responsible land use and believe that the development and commercial delivery of large-scale solar farms can be achieved in harmony with their surroundings.

  1. $A63 billion, Average exchange rate for 2021 = 0.541 GBP.  All figures correct as at 30th September 2021.

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