The Green Investment Group (GIG) is continuing its global expansion with the launch of its business in North America.
The Macquarie-owned firm already operates in Europe and Asia, and says that its “deep sector expertise and established track record” in the renewables sector will enable it to build a large pipeline of projects in North America.
In a statement, GIG said that it would focus on asset creation in the renewables sector. It has also established a solar energy-focused business through a partnership with Candela Renewables.
“We see a tremendous opportunity for renewable energy, and we are committed to building a strong pipeline across the full range of renewable subsectors, adding further scale to our global green energy business,” said Chris Archer, Head of Green Energy Americas at Macquarie Capital. “We believe that the renewables sector in North America is poised for a prolonged period of growth as falling technology costs combined with growing demand from corporates and utilities drive increasing deployment.”
In the solar sector, Candela will develop assets exclusively for GIG. “We’re delighted to back the Candela team, who have the proven ability to originate new large-scale solar projects, and the expertise and industry relationships to ensure their commercial success,” said Archer. “The arrangement, targeting the creation of more than 1 GW in new solar projects, enables us to deploy capital to utility-scale solar developments in the US, leveraging our balance sheet, global scale and capability.”