Investors

Macquarie follows on GIB buy with acquisition of RES Japan

The Australian firm is gaining access to the developer’s onshore wind portfolio, complementing its solar presence in the world’s third-largest economy.

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Macquarie Capital has acquired a 100 percent interest in RES Japan, the Tokyo-based subsidiary of UK-headquartered Renewable Energy Systems Group, for an undisclosed sum. 

The transaction sees Macquarie further expand its renewable energy development capabilities shortly after it agreed to acquire the UK’s Green Investment Bank for £2.3 billion ($2.9 billion; €2.6 billion), as part of a consortium with Universities Superannuation Scheme and GCP Infrastructure.

The firm will rebrand the unit as Acacia Renewables, which will continue to develop a pipeline of onshore wind energy projects across Japan. RES Group, which has developed about 12GW of projects worldwide since inception, will keep on providing advisory and technical services to its former subsidiary. 

Among the facilities RES Japan is currently developing is a 19.95MW wind project in Wakami, Akita prefecture, according to RES Group. Macquarie declined to provide further details regarding deal size and the unit’s prospective project pipeline. 

“We are developing projects in the wind, solar and waste and environmental services sectors in Asia, and this acquisition significantly strengthens our capabilities in Japan and across the region,” said Hajir Naghdy, head of Macquarie Capital for Asia and the Middle East. 

“Through the acquisition of the team of experts in the development, engineering and construction of renewable energy projects in Japan, we are strongly positioned to help diversify the range of energy options available to consumers and businesses across the country,” he added. 

The Australian firm, active in the renewables sector since 2010, now manages a 6.67GW portfolio of renewable energy projects across the world. In Japan, the firm has so far invested in a portfolio of solar farms totalling 200MW in potential installed capacity, through partnerships with companies such as Maeda Corporation in 2013 and BRUC Capital in 2016.   

Renewables make up £8.5 billion of Macquarie Group’s £78 billion infrastructure assets under management.