Macquarie Infrastructure and Real Assets (MIRA) has reached final close of the Macquarie Green Investment Group Renewable Energy Fund 2 exceeding its initial minimum fundraising target of €1bn.
More than €1.6bn has been raised for investment in renewable energy across a diversified portfolio of assets including platforms and construction and operational stage wind and solar projects in Western Europe, US, Canada, Mexico, Japan, Taiwan, Australia and New Zealand.
The 25-year closed-end fund is managed by MIRA and will draw on the technical expertise in Macquarie’s Green Investment Group (GIG) when investing in and managing construction stage projects.
Opportunities for co-investment will also be explored by the fund and GIG.
The fund attracted commitments from 32 investors including pension funds, local government pension schemes, insurers and sovereign wealth funds.
Europe was the largest source of capital, with other commitments received from investors in Asia-Pacific and North America.
The fund has made two investments to date, having acquired a 10% stake in the 576MW Gwynt y Mor offshore wind farm (pictured) in the UK and a 50% stake in a 268MW portfolio of operating residential rooftop solar projects across the US.
MIRA EMEA head Leigh Harrison 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.
“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.
“(The fund) is the next step in this journey and we are delighted with the strong support the fund has received from our investors.”