Macquarie Asset Management has acquired an additional 50 percent stake in Island Green Power, a UK-based renewable energy developer specializing in utility-scale solar and battery energy storage system projects. This acquisition increases Macquarie Asset Management's stake in the company to 100 percent.
Island Green Power, established in 2013, has developed more than 3 GW of solar projects to the ready-to-build stage. The company recently received planning consent for the Cottam Solar Farm (600 MW) and the West Burton Solar Farm (480 MW), two of the largest solar farms in the UK, and has a pipeline exceeding 15 GW of utility-scale solar and BESS projects.
As part of the recent transaction, Island Green Power's founders will maintain full ownership of the international segment of the company. In the UK, the focus will shift to transitioning into an independent power producer, with an emphasis on building and operating assets.
Eric Bjonerud, Managing Director at MAM Green Investments, expressed enthusiasm about increasing their stake in Island Green Power, acknowledging the company's strong development capabilities. "We have witnessed firsthand Island Green Power’s strong development capabilities, growing and advancing its UK pipeline to date – this will serve as a solid foundation for building a significant operating base over the coming years as it transitions into becoming an Independent Power Producer. We believe IGP is well positioned to support the UK achieving its decarbonisation targets.”
Ian Lawrie, Founder of Island Green Power, commented on the company's achievements, stating, “We’re incredibly proud of what the Island Green Power team has achieved in building one of the UK’s leading renewable energy platforms. As the business enters its next phase with Macquarie, I have every confidence in the team’s continued success and wish them all the very best for the future.”
This development aligns with the UK Government’s goal to decarbonise the electricity system by 2030. Island Green Power is expected to play a role in helping the UK achieve an additional 45-47 GW of solar power by 2030.
Macquarie has invested or arranged over £60 billion in UK infrastructure in the past twenty years and plans to support £20 billion of investment in its portfolio for improved energy, transport, utilities, social, and telecommunications infrastructure across England, Wales, and Scotland.