Macquarie Asset Management (MAM), a global asset manager, has agreed to acquire a minority stake worth $1.725 billion in renewables developer D. E. Shaw Renewable Investments (DESRI) via several MAM-managed funds. DESRI is a member of the D. E. Shaw group, a global investment and technology development firm.
The MAM-managed funds include Macquarie Global Infrastructure Fund (MGIF), Macquarie Green Energy and Climate Opportunities Fund (MGECO), and Macquarie Energy Transition Infrastructure Fund International (METI).
DESRI operates at all stages of a project’s life cycle, including development, construction, and operations across the U.S. MAM’s acquisition, according to the company, is expected to enable DESRI to continue its growth and strengthen its position in the energy transition market.
Currently, DESRI has about 6 GW of gross capacity for projects in operation or under construction, 4 GW of contracted pre-construction projects, and a development pipeline of over 25 GW. The DESRI platform will complement MAM’s existing 12 GW operational project capacity.
“We are excited to invest in DESRI, an energy transition platform of scale with a proven, highly-regarded management team and a large base of operating assets, which we expect will grow over the medium term through the successful completion of late-stage projects,” said Christopher Frost, Senior Managing Director, Macquarie Asset Management – Real Assets.
According to Mercom’s 1H and Q2 2024 Solar Funding and M&A report, in the first half of 2024, there were 40 solar M&A transactions, compared to 48 in the first half of 2023. The largest deal was made by asset management firm Brookfield Asset Management, along with institutional partners including Brookfield Renewable and Singapore’s Temasek Holdings.
Infrastructure investment firm NOVA Infrastructure recently acquired UGE International, a community solar and battery storage company. In May 2024, NOVA agreed to acquire approximately 70% of UGE’s shares. Blank Rome and Bennett Jones advised NOVA, while Mintz and CP advised UGE in this transaction.
