Macquarie buys Asia solar platform
Green Investment Group (GIG), a global clean energy investment platform managed by Macquarie Capital, has acquired Conergy Asia & ME, a Singapore-based solar power developer owned by Goldman Sachs Asset Management and Tennenbaum Capital Partners.
The transaction includes a pipeline of solar power projects under development around the Asia Pacific region, as well as commercial, technical, and energy storage capabilities, and an asset monitoring center. Conergy employees in Singapore, Australia, Japan, Germany, and the Philippines will join GIG as well, according to a release, growing GIG’s global team to over 300 people.
Goldman and Tennenbaum acquired Conergy from its German parent company last year for an undisclosed amount. The company has operated in the Asia Pacific region since 2006 and provides a range of solar energy solutions, including greenfield development, project finance, and engineering, procurement, and construction services. It has a global portfolio of solar projects both operational and in development with a total capacity of more than two gigawatts, with projects in Asia representing 500 megawatts.
“We are pleased to enhance our solar energy capabilities from development through to design, engineering, procurement and delivery management,” said Neil Arora, head of Macquarie Capital for Asia and the Middle East. “Today’s acquisition will also further strengthen our battery storage expertise and allow us to pursue other investment opportunities in a rapidly-growing region for the renewables sector.”
GIG specializes in green infrastructure principal investment, project delivery, and portfolio asset management. It was launched by the UK government in 2012 and acquired by Macquarie last year. The platform is currently developing a pipeline of over seven GW of renewable energy projects in Asia, Europe, and the Americas across the wind, solar, and bioenergy sectors.
More on Southeast Asia
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.