Macquarie investment unit looks to develop 20GW of renewable energy in next five years

first_imgMacquarie investment unit looks to develop 20GW of renewable energy in next five years FacebookTwitterLinkedInEmailPrint分享BusinessGreen:The Green Investment Group (GIG) is set to develop a massive 20GW pipeline of renewable energy projects over the next five years in a bid to drive the “full transition” to low carbon energy, the bank’s owners Macquarie announced today at Climate Week in New York.Macquarie did not confirm what kind of green energy projects GIG would be backing, although the investment vehicle has previously supported offshore wind and energy-from-waste plants in the UK and Europe.Macquarie’s CEO and managing director Shemara Wikramanayake said for the next tranche of investment around 4GW of capacity is set to be in developing countries where funding for climate projects is tougher to source. Many of the projects will be backed by corporate Power Purchase Agreements (PPAs), she said.Macquarie also this week announced it has joined the Climate Finance Leadership Initiative (CFLI), which sees bosses of major financial firms join with UN climate envoy Michael Bloomberg to consider how best to mobilise and scale private capital for climate solutions. Together CFLI members have promised to deploy $20bn of emerging market climate finance by 2025, and to work more closely with development banks to drive private capital into developing economies.In addition, GIG announced a new partnership with Bloomberg New Energy Finance to build a data-led tool that will assess the green impact of more than 40,000 wind and solar assets globally.More: Macquarie’s Green Investment Group promises 20GW renewable energy pipelinelast_img

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