Macquarie AM takes over Island Green Power

Macquarie Asset Management (MAM) is now the owner of renewable energy developer Island Green Power, scooping up the remaining 50% stake.

MAM first made a 50% investment in Island Green Power three years ago via its managed funds.

MAM did not disclose how much it paid for Island Green Power in total.

As part of the transaction, Island Green Power founders Ian Lawrie, Colm Killeen and Denis O'Brien will retain full ownership of the company's international business.

UK-based Island Green Power develops utility-scale solar and battery energy storage systems (BESS) in Australia, New Zealand, Spain, Italy and the UK.

It has developed 2GW of renewable energy assets and recently received planning consent for two solar farms in the UK - Cottam Solar Farm and West Burton Solar Farm.

Island Green Power currently has more than 15GW of utility-scale solar and BESS projects in its pipeline in the UK.

MAM Green Investments managing director Eric Bjonerud said: "We'd like to thank our departing co-shareholders who have supported the business this far."

"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."

The UK government pledged to decarbonise the electricity system by 2030.

Lawrie said Island Green Power is expected to contribute and support the UK to reach its ambitions of an additional 45-47GW of solar power by 2030.

"It's been a privilege to work alongside such talented, committed individuals. 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," Lawrie said.