Our people
19 November 2025
Transitioning from transformative renewable energy deals in Australia to advising on cutting-edge energy transition technologies in the US, Estelle Pham is forging a dynamic career in infrastructure advisory with Macquarie Capital. Now based in New York, she is part of a team empowering others to drive digital innovation through infrastructure investment – tackling the growing energy demands of an increasingly digital world.
Estelle’s journey with Macquarie began in 2019 when she joined Macquarie Capital’s infrastructure advisory team in Sydney. Drawn to Macquarie’s innovative spirit and global reach, she quickly contributed to high-profile energy transactions that would help to shape Australian communities.
A standout experience of Estelle’s career was supporting Macquarie Capital acting as exclusive advisor to Partners Group on the sale of CWP Renewables to Squadron Energy - a landmark deal that established one of Australia’s largest renewable energy investors, operators and developers.
She also worked on a ~$A2.3 billion financing of GPG’s Australian renewable energy portfolio, unlocking capital for a major developer of large-scale renewable projects.
These transactions positively impacted the energy sector within Australia and the communities that benefit from the power provided by the projects.
“The transformational nature of these transactions really stood out,” Estelle reflects. “For example, the CWP Renewables deal involved multiple operating assets and a significant development pipeline. It felt like working on six different asset transactions simultaneously, with extensive due diligence, modelling and transaction management. It was also a massive collaboration across multiple Macquarie teams.”
For Estelle, seeing the real-word impact of her work is immensely fulfilling. “My role is centred on helping clients navigate complex transactions that elevate their business,” she explains. “This means providing technical expertise with strategic insights to deliver tailored solutions that connect ideas with capital.”
These early experiences highlight Estelle’s technical and advisory skills and underscore Macquarie’s commitment to sustainability and innovation.
In 2024, Estelle embraced a new challenge: relocating to New York to join Macquarie Capital’s infrastructure advisory team.
“Adapting to the US energy market required a lot of reading – current news, industry reports and proprietary market intelligence,” Estelle recalls. “The learning curve was steep at first because of the large scale and complexity of the US market, with its many states, companies and regulations. Immersing myself from day one and doing my research helped a lot, as did the support from my team.”
Estelle’s work in the US has increasingly focused on the intersection of energy transition and digital innovation, expanding the traditional definition of infrastructure to include these vital areas. Today, energy infrastructure has become a critical enabler of digitalisation.
Currently, Estelle advises clients on a range of strategic and financial issues, including mergers and acquisitions (M&A), capital management and restructuring. She is also exploring a variety of energy solutions with her clients, including nuclear power, which she describes as a “critical piece of the energy transition puzzle.”
Every project we take on has the potential to transform communities and create lasting value.”
Estelle attributes much of her professional growth to Macquarie’s collaborative environment and global approach, which fosters both innovation and connection.
“Structured training programs, along with global conferences, have been instrumental in building my network,” she explains. “The diversity of thought and expertise at Macquarie is one of our greatest strengths.”
Through cross-border transactions and informal interactions, Estelle has cultivated a strong network of collaborators who share her passion for advancing energy solutions.
“Our team focuses on connecting global infrastructure investors with opportunities in evolving asset classes,” she says. For instance, they are currently working on a transportation leasing transaction, which, though not traditionally seen as infrastructure, aligns with the evolving definition of the asset class.
“Macquarie’s expertise in infrastructure allows us to position these opportunities effectively for investors.”
As the energy landscape evolves, Estelle sees a growing need for a diversified approach to meet increasing demands.
“The energy transition in the US will likely follow an all-of-the-above approach focusing on energy security and diversification,” she explains. “Renewables will continue to play a role, but there’s also growing interest in natural gas as a transitional fuel and nuclear power for its reliability and emissions-free benefits.”
Balancing the push for renewables with the energy demands of energy-intensive industries is another key focus. “It’s about balancing different energy sources to reliably match electricity supply with demand. Renewables are cost-effective and quick to deploy, making them a good short-term solution, while nuclear power is better suited for providing around-the-clock power and natural gas flexibility – all of which play a role in supporting industries with high energy demands. It’s an exciting time to do this work.”
Estelle also emphasises the need for significant investment in the US electricity grid. “It’s not just about the energy supply but also about how we deliver it to where it’s needed the most. Transmission and distribution infrastructure assets are critical. For example, interconnection delays can hold up new energy projects. There’s also growing interest in distributed generation, grid resiliency projects and innovative approaches to bypass traditional grid constraints, such as co-locating power generation facilities with end users.”
Outside of work, Estelle finds balance and inspiration through her love of the arts. She is actively engaged with cultural institutions in New York, including the New York City Ballet and Carnegie Hall, where she participates in young donor programs that allow her to give back to the community.
“The arts provide a creative outlet and allow me to use a different part of my brain. They help me recharge, which ultimately makes me more effective at work. They also create opportunities to connect with others, build rapport and even sometimes expand my professional network.”
Estelle’s passion for the arts began in Sydney, where she volunteered with the Sydney Youth Orchestra, applying her financial modelling skills to support their mission. “The arts have always been a source of inspiration for me,” she says. “They remind me of the importance of creativity, dedication and community – values that are essential to my work.”
As she continues to navigate the evolving energy landscape, Estelle is focused on making a meaningful impact.
“The energy transition is one of the defining challenges of our time,” she reflects. “Macquarie is well-positioned to support this transition through investments, corporate advisory and leveraging our global expertise across energy and infrastructure.”
As Estelle continues her journey, she’s committed to shaping the future of energy and infrastructure – one transformative project at a time.
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