Macquarie Asset Management (MAM) has announced the acquisition of the remaining controlling interests in Galehead Development from Galehead Founders. This investment will see Galehead become a wholly owned subsidiary of Treaty Oak Clean Energy, an independent power producer owned by MAM-managed funds. The deal will also enable the formation of ETX Upstream, LLC by Galehead Founders to pursue non-renewable energy transition development activities.
The integration is expected to create value for both Treaty Oak and Galehead. Treaty Oak aims to expand its market reach through Galehead's pipeline of solar, wind, and storage assets. In return, Galehead will benefit from Treaty Oak's capabilities to enhance asset value.
Treaty Oak focuses on developing utility-scale solar and energy storage projects in the US. It recently started construction on a 100 MWAC solar project originated by Galehead and plans further projects with a combined capacity of 385 MWAC.
Galehead serves as a renewable energy development platform with over 20 GWAC of projects across more than 20 states. ETXU was launched in early 2025 to invest in upstream energy transition activities.
Peter Zhu, Managing Director of Macquarie Asset Management Green Investments, expressed excitement about increasing investment in Galehead. "We believe that US renewables continue to play a crucial role in today’s power demand-driven market," he said.
Chris Elrod, CEO of Treaty Oak, highlighted the opportunity created by combining strengths with Galehead. "I look forward to welcoming the Galehead team and am confident that together we can achieve greater scale and stronger performance," he stated.
Matt Marino, CEO of ETX Upstream, noted that MAM's investment demonstrates the strength of the Galehead team and pipeline. "In launching ETX Upstream, we’re excited to tackle some of the biggest barriers and challenges to a timely and fully realized Energy Transition," he remarked.
MAM initially invested in Galehead in July 2022 and later invested in Treaty Oak in December 2022 as part of its strategy involving renewable energy assets. The transaction remains subject to closing conditions.