Leading alternative asset manager, and the world’s largest infrastructure manager, Macquarie Infrastructure and Real Assets (MIRA) announced today the final close of the Macquarie Green Investment Group Renewable Energy Fund 2 (MGREF2). According to MIRA, the renewable energy investment fund significantly exceeded its original €1 billion fundraising target, ultimately accumulating €1.6 billion in investor commitments, with the fund’s contribution to the low carbon transition as a key driver of investor interest.
Leigh Harrison, Head of MIRA EMEA, said:
“Our changing climate presents profound challenges to our environment, economy and way of life. It is vital we take action to accelerate the shift to clean energy, building on the opportunities presented by rapid technological change, falling technology costs and strong political and regulatory support.”
MGREF2 is a 25-year closed-end fund which will invest in a diversified portfolio of assets including platforms and construction and operational stage wind and solar projects in Western Europe, the United States, Canada, Mexico, Japan, Taiwan, Australia and New Zealand. Macquarie received commitments from 32 investors for the fund, encompassing pension funds, local government pension schemes, insurers and sovereign wealth funds.
According to company, the fund combines the specialist capabilities of Macquarie’s green transition-focused Green Investment Group (GIG) with the long-term capital and investment expertise of MIRA. MIRA will manage the fund, drawing on GIG’s technical expertise when investing in and managing construction stage projects, and for providing tailored green impact reporting to investors.
MGREF2’s predecessor, MGREF1, was the world’s first dedicated operational offshore wind fund. MGREF1 currently manages investments in a 1,450 MW portfolio of six offshore wind farms around the UK.
“As custodians of the world’s first dedicated operational offshore wind fund, we’ve been committed to developing a successor to harness deep institutional capital pools to help achieve net zero. MGREF2 is the next step in this journey and we are delighted with the strong support the fund has received from our investors.”