Onshore renewables
27 March 2019
Macquarie’s Green Investment Group (GIG), the specialist green energy project developer and investor, today announced that it has entered into a definitive agreement to acquire the solar and energy storage unit of Tradewind Energy, Inc., a subsidiary of Enel Green Power North America.
The business – which has been named Savion, LLC – is an integrated US solar and energy storage development platform with industry-leading enterprise and site evaluation systems. Its project portfolio includes 6 GW of solar and energy storage development projects and upon closing, will be managed by former Tradewind principals Rob Freeman and Geoff Coventry. The transaction is expected to close by midyear, pending regulatory approval.
Chris Archer
Head of Green Energy Americas
Nick Butcher
Global Co-Head of Infrastructure and Energy
Since 2008, US solar installations have grown 17-fold from 1.2 GW to an estimated 30 GW today, according to the Solar Energy Industries Association. This is enough to power the equivalent of 5.7 million average American homes. Since 2010, the average cost of solar PV panels has dropped more than 60% and the cost of a solar electric system has dropped by about 50% making the technology increasingly competitive and attractive to utilities, independent power producers and corporates alike.
As a leading global green investor specializing in green infrastructure principal investment, project development and the management of portfolio assets, and related services, GIG’s mission is to accelerate the transition to a greener global economy. GIG launched in North America in 2018, building on Macquarie’s two decades of experience in the North American energy and infrastructure market and GIG’s position as a leading renewable energy developer and investor in Europe.
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