Macquarie Green Investment Group Maintains Its European Allocation

Macquarie’s Green Investment Group has acquired Fuinneamh Sceirde Teoranta, the Galway-based developer of the Sceirde Rocks offshore wind farm.

Sceirde Rocks is a projected offshore wind farm with a capacity of 400 megawatts (MW), enough to power up to 295,000 houses. By 2030, Ireland wants to have 70% of its energy come from renewable sources. For the past 17 years, Macquarie has had a presence in Ireland. Macquarie contributed to the construction of Technical University Dublin, the Dublin Waste to Energy project, ten national schools, and other social initiatives. Macquarie also invests heavily in Irish SMEs.

Green Investment Group purchased a portfolio of utility-scale, distribution-connected battery storage projects in the United Kingdom from Capbal Limited on June 15, 2021. (Capbal). GIG and Capbal will collaborate to supply 187 MWh of late-stage development projects, with plans to expand the portfolio through the purchase and development of new projects.

Meanwhile, Germany is the world’s fifth-largest biomass market. The Bioenergie Wismar Combined Heat and Power Plant (Bioenergie Wismar) in northern Germany were completed in early March by Green Investment Group, Wismar Pellets, and PEARL Infrastructure Capital (PEARL). It is GIG’s first bioenergy project in continental Europe, and it is located near the Port of Wismar. The combined heat and power (CHP) biomass plant, co-developed by GIG and Wismar Pellets, will generate up to 18 MWe of electricity and 27 MWth of renewable heat.

Wismar Pellets and ILIM Nordic Timbers, who will offer bark material as a by-product of their timber operations, are the project’s fuel suppliers. Wismar Pellets and ILIM will also contract for the project’s steam output and use the heat for lumber drying at their nearby operations. In November 2020, the project received an EEG Feed-in-Tariff for its electricity output.

For construction funding, GIG partnered with PEARL, a specialized infrastructure investor, who decided to participate in the project’s construction with Wismar Pellets as a majority shareholder. The project’s primary financial advisor is Macquarie Capital. Landesbank Baden-Württemberg offered a long-term project finance lending arrangement to Macquarie Capital to assist construction (LBBW). The first commercial operations are expected to begin in the fourth quarter of 2022.

Since 2012, Green Investment Group has backed the biomass combined heat and power sector, with one of its first investments in Scotland’s Craigellachie CHP facility, which supplies heat and power to the nearby Macallan distillery. The Edmond de Rothschild Private Equity platform is used by PEARL Infrastructure Capital. Several key anchor investors, including the European Investment Bank (EIB) and the Caisse des Dépôts et Consignations, have also backed the fund (CDC).

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