Leeward Renewable Energy Closes Over $600 Million Funding for US Solar Projects

On behalf of its institutional clients and managed funds, Macquarie Asset Management provided  €100 million (~$98 million) of debt financing to Green Bidco, the controlling company of Falck Renewables.

Falck Renewables is a developer, owner, and operator of renewable energy plants in Europe and the US, with an existing portfolio comprised of 62 wind, solar, waste-to-energy, biomass, and energy storage projects representing 1,420 MW of combined capacity, equivalent to powering more than 814,000 UK households with clean energy.

“With the energy transition front of mind for investors, we are very pleased to provide this financing. The investment represents a valuable opportunity for our clients to back the continued development of more sustainable, low-carbon energy solutions and technologies,” said Alice Pulbrook, a Senior Vice President at Macquarie Asset Management.

Macquarie recently agreed to acquire a 50% stake in Island Green Power, a UK-based renewable energy project developer. Island Green Power primarily focuses on developing utility-scale solar projects and has a formed pipeline in the UK and Spain. Macquarie has around $11 billion in assets under its management.

Falck Renewables was taken over by GreenBidco, earlier this year and was delisted from the Italian stock exchange.

Earlier this week, Pivot Energy, a solar provider that develops, finances, builds, owns, and manages solar and energy storage projects, secured $100 million in debt financing for its renewable energy projects from Fundamental Renewables, an investment arm of Fundamental Advisors. Fundamental Renewables will provide a $100 million revolving development loan facility to Pivot Energy, funding a diverse range of solar and storage projects across the U.S.

According to Mercom’s recently released 9M and Q3 2022 Solar Funding and M&A Report, Total corporate funding (including venture capital funding, public market, and debt financing) in 9M 2022 stood at $18.7 billion, 18% lower compared to $22.8 billion raised in 9M 2021.