Macquarie’s Green Investment Group has set up a new solar and storage project development company focused on utility-scale opportunities in the US.
Savion was formed when Green Investment Group acquired the solar and energy storage unit of wind developer Tradewind Energy.
The new company, which has a pipeline of projects in excess of 8GW, is led by two of Tradewind Energy’s founders and is backed by Green Investment Group.
The projects in the pipeline are at various stages of maturity, including under construction, under contract, in operation, and in development.
Savion chief executive and co-founder Rob Freeman said, “We are extremely excited about this next chapter and for our team to have the opportunity to continue its project development focus in the rapidly growing solar sector and the emerging energy storage technology market.
“The backing from Macquarie’s Green Investment Group provides a strong financial footing to ensure successful projects, enabling our team to pursue the mission of electricity grid diversification.”
Green Investment Group Americas head Chris Archer said: “The combination of Savion with Macquarie’s Green Investment Group brings together a leading US renewables developer and project pipeline with the capabilities of the wider Macquarie Group across investment, capital raising, and energy trading.
“We are excited to work with this experienced team to find new solutions to deliver clean, renewable, low-cost energy solutions to our clients including large corporations, municipalities, and residential communities.”