Macquarie Infrastructure and Real Assets (“MIRA”) has raised more than €1.6 billion for investment in renewable energy against its initial minimum fundraising target of €1 billion. The company has reached the final closure of its 25-year closed-end fund, Macquarie Green Investment Group Renewable Energy Fund 2 (“MGREF2”). MGREF2 will invest in a diversified portfolio of operational and under construction solar and wind power projects as well as clean energy platforms.
The fund plans to invest in projects spread across various geographies including Western Europe, the United States, Canada, Mexico, Japan, Taiwan, Australia and New Zealand. MGREF2 will be managed by MIRA. It will also draw on the deep technical expertise in Macquarie’s Green Investment Group (GIG) to invest in and manage construction stage projects and will also explore opportunities for co-investment.
MGREF2 was launched following the success of Macquarie Green Investment Group Renewable Energy Fund 1 (“MGREF1”) and has attracted commitments from 32 investors including pension funds, local government pension schemes, insurers and sovereign wealth funds. The largest share of capital came from Europe with few investors from Asia-Pacific and North America as well. MGREF2’s present investments include a 10 per cent stake in the 576 MW Gwynt y Môr Offshore Wind Farm in the United Kingdom and a 50 per cent stake in a portfolio of operating residential rooftop solar projects across the United States with a total capacity of 268 MW.
MIRA currently oversees investments in 12.3 GW of green generation capacity globally. MGREF1 was the world’s first dedicated operational offshore wind fund raised by the Green Investment Bank. MIRA has been managing the fund since 2017 when it was acquired from the UK Government. MGREF1 at present manages investments in a portfolio of six offshore wind farms around the United Kingdom with a total capacity of 1,450 MW.