Macquarie Asset Management has acquired an additional 50% stake in UK-based renewable energy developer Island Green Power, bringing its total to 100%.
Established in 2013, Island Green Power has developed more than 3GW of solar projects to ready-to-build status.
The business has recently received planning consent for two of the largest solar farms in the UK, Cottam Solar Farm (600MWac) and the West Burton Solar Farm (480MWac) and currently has more than 15GW of utility-scale solar and BESS projects in its pipeline in the UK.
As part of the transaction, the founders of Island Green Power will retain full ownership of the company’s international business.
In the UK, Island Green Power will focus on transitioning from a pure development business into an independent power producer (IPP), focused on building and operating assets.
Eric Bjonerud, managing director at MAM Green Investments, said: “We are excited to increase our stake in Island Green Power, a leading UK solar developer.
“We’d like to thank our departing co-shareholders who have supported the business this far.
“We have witnessed first-hand 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.”
Island Green Power founder Ian Lawrie said: “We’re incredibly proud of what the Island Green Power team has achieved in building one of the UK’s leading renewable energy platforms.
“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.”
The transaction comes as the UK Government progresses its pledge to decarbonise the UK’s electricity system by 2030.
Island Green Power is expected to contribute and support the UK to reach its ambitions of an additional 45-47 GW of solar power by 2030 as set out in the Clean Power 2030 Action Plan.