Perspectives
The following was orginally published in Macquarie Group's 2026 Annual Report.
17 July 2026
Energy is an essential pillar of modern economies, with disruption to its flows in recent months once again serving to highlight the fragility and critical importance of reliable and affordable supply.
High energy costs, and the accompanying impact on the cost of living, have seen a shift in public policy priorities and greater recognition in recent years that fossil fuels, particularly natural gas, will be required for some time, even as the transition to renewables continues.
During the year, Macquarie Asset Management (MAM) portfolio company Island Green Power secured a 20-year Contract for Difference from the UK Government for its West Burton project – the largest solar farm to date to do so. MAM also announced long-term financing for Nexamp, one of the largest owners of commercial and industrial solar projects in the US, which will support the construction of utility-scale solar and battery storage projects.
Commodities and Global Markets (CGM) is investing in solutions supporting clean energy producers in increasingly complex power markets, including through its acquisition of Erova Energy, which services a growing portfolio of UK and European wind, solar, waste to energy and battery storage assets.
Through its acquisition of Erova Energy Group, Macquarie’s Commodities and Global Markets business is helping renewable power producers maximise energy output and manage price risk
Corona Energy, which has been part of CGM for 20 years, is expanding its presence in the UK business energy supply market, with about 25 per cent% of energy supplied to customers backed by renewables. CGM also signed an agreement for the sale of its leading Meter Asset Provider (MAP) platform, OnStream, comprising a portfolio of more than seven million later generation smart meters operating across the UK and Germany.
Macquarie Capital continues to act as financial adviser to clients investing across clean energy, notably in Australia where it supported renewable energy company Atmos Renewables’ refinancing of its domestic renewable generation and energy storage portfolio. It also advised Lightsource bp on the sale of its portfolio of five operating solar farms and co-located battery development projects in Australia to MAM portfolio company Aula Energy. In the Netherlands, it acted as lead equity investor in one of the largest battery storage systems under development in Europe.
Macquarie Capital acted as a financial adviser to Ardian on the sale of a 620 MW gas power plant in Pennsylvania that supplies the largest power grid operator in the US. MAM provided a $US450 million financing facility to the 1.2 GW Sandow Lake Energy Station gas plant in Texas, US, in a bespoke financing solution that allows the turbines to be delivered in parallel with the associated digital infrastructure development the plant will power. MAM also supported US-based Calibrant Energy in deploying on-site battery storage systems to support data centres in accelerating their grid connections.
Calibrant Energy is supporting Aligned Data Centers accelerate data centre growth through its advanced battery energy storage system
CGM is supporting clients with the financing of upstream and midstream oil and gas activities, including the development of oil and gas resources and infrastructure in emerging markets where energy demand is growing and domestic resources remain undeveloped. It is also investing in the establishment of a Flexible Power Platform, providing enhanced analytics, structuring and risk management tools and enabling it to expand its existing capabilities by supporting a broad range of flexible power assets and clients navigating increasingly volatile power markets.
During the year, MAM’s Green Investments team, for example, recorded significant milestones with the opening of Verkor’s first battery cell gigafactory in France; the raising of $US405 million for Vertelo, MAM’s commercial vehicle electrification platform with the UN Green Climate Fund in India; and the financial close of SkyNRG’s first sustainable aviation fuel plant in the Netherlands.
Macquarie Asset Management is supporting SkyNRG develop a commercial‑scale SAF production facility in the Netherlands
MAM also reached final close of Macquarie’s first dedicated energy transition fund that targets opportunities beyond mature renewables, Macquarie Green Energy Transition Solutions, with over $US3 billion of total Fund and co-investment commitments.
MAM is a major investor in energy supply infrastructure across the world, from the development and operation of natural gas pipelines to its last-mile energy and utility connections portfolio. CGM, meanwhile, utilises its trading presence in physical and financial gas and power markets to create effective and bespoke risk management solutions for clients and continues to expand its presence in the physical liquefied natural gas space.
Our longstanding view remains that a managed glidepath to deliver an orderly energy transition is the only long-term solution to the energy trilemma of availability, affordability, and emissions reduction.
1. Energy Risk Awards, https://www.energyrisk.com/energy-risk-awards
