Progress Report 2022

Funds under management 

After five years operating as a principal investor within Macquarie Capital, in April 2022, GIG joined Macquarie Asset Management (MAM). MAM is a full-service asset manager comprised of two groups, Private Markets and Public Investments. GIG operates as part of MAM’s Real Assets division within Private Markets, which manages more than $US146.4 billion of equity and a portfolio of more than 167 companies on behalf of investors.

We will now invest in green energy assets and businesses through MAM-managed funds on behalf of our clients. We will also create businesses that will become portfolio companies owned through the funds. By bringing together the world’s largest infrastructure asset manager and one of the world’s leading specialist green investors, we’re able to:

  • mobilise institutional capital behind the energy transition; 
  • connect MAM clients to a significantly expanded range of green investment opportunities; 
  • enable long-term investment across the asset lifecycle, from development to operations; 
  • leverage GIG's industrial expertise to help decarbonise MAM's portfolio; and
  • provide a greater scale of decarbonisation solutions for clients, portfolio companies, communities and the environment.


Macquarie Green Investment Group Renewable Energy Fund 1 (MGREF1) was the world’s first dedicated offshore wind fund. Today, it manages investments in a portfolio of six operational offshore wind farms around the UK representing approximately 1,450 MW of generation capacity. 

MGREF1 demonstrated strong performance over the reporting period, primarily driven by the increase in power prices globally and the successful progression of asset management initiatives across the portfolio. ESG-related initiatives also remained a core focus across the portfolio during the period and MGREF1 assets participated for the first time in the GRESB submissions, allowing the Fund to strengthen its ESG reporting and to benchmark CO2 emissions against its peers. 

To date, the MGREF1 portfolio has avoided more than 12.9 Mt of greenhouse gas emissions and is expected to produce enough renewable electricity to power the equivalent of 1.3 million homes each year.


Macquarie Green Investment Group Renewable Energy Fund 2 (MGREF2) made four new investments during the reporting period. The fund is now ~70% committed against its €1.6 billion commitments.

In November 2021, we announced the acquisition of 90% of Apex Energies, a leading French commercial and industrial rooftop solar developer with an operational portfolio of 157 MW and a development pipeline of 2.3 GW. This was followed by the 100% acquisition of Reden Solar, one of Europe’s largest independent solar platforms with over 14 GW of capacity in development, and the acquisition of 50% of Island Green Power (IGP), a UK-based solar development company with an 11 GW pipeline across the UK, Spain, Italy, Australia and New Zealand. Alongside the investment into IGP, the fund also acquired a 65 MW ready-to-build UK solar asset that it will construct during 2023/24. 

The fourth investment of the period saw the fund enter into agreements to acquire a 50.1% stake in a 456 MW onshore wind new build in Brazil alongside Hydro Rein, a subsidiary of Norsk Hydro. Two Brazilian subsidiaries of Norsk Hydro have signed a long-term offtake agreement for a large portion of the output from the wind farm once constructed. 


UK Climate Investments (UKCI) is a joint venture between GIG and the UK Government. With an objective to invest £200 million of the UK’s international climate finance, UKCI seeks to mobilise investment in green infrastructure in key emerging economies and developing countries. UKCI is now fully committed across seven transformational investments in sub-Saharan Africa and India. 

During the period, UKCI made a further investment in greenfield onshore wind in South Africa, using for a second time an innovative Black Economic Empowerment financing instrument developed by the UKCI team. This brought the total of construction-stage renewable energy projects supported by UKCI in South Africa to just under 1 GW. UKCI also made a follow-on commitment of £15 million to finance the expansion of the first dedicated renewable energy yieldco in sub-Saharan Africa, Revego Africa Energy. In India, new private capital came in alongside UKCI into Cleanmax Solar to support the further growth of this leading player in India’s burgeoning private offtake renewable energy market.