Australia

Australia

Macquarie targets renewables with A$1 billion offering

Australia-based investor Macquarie has launched a A$1 billion (US$675 million) institutional placing to raise new funds to investment in renewable energy, infrastructure and technology.

Macquarie owns 25% of the 573MW Race Bank wind farm off the UK's south coast
Macquarie owns 25% of the 573MW Race Bank wind farm off the UK's south coast

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Macquarie is offering shares priced between A$118 and A$123.50, according to financial newswire Reuters.

The top end of this range is slightly below the group’s A$123.51 share price at the close of trading on 28 August following the announcement.

Macquarie aims to raise and invest the equity in the current quarter, ending 30 September, according to the reports.

It will target regions it has previously invested in, Macquarie stated in a filing with the Australian Stock Exchange, noting "significant investments" in UK and Taiwanese offshore wind. 

According to Reuters, Macquaire CEO Shemara Wikramanayake told reporters: "Renewable energy is an area where our investors are getting very strong returns."

As of 31 March 2019, Macquarie owned stakes in 13,530MW of operational renewable energy capacity globally, according to its website.

This includes 4,391.5MW of currently operational onshore and offshore wind farms worldwide, according to Windpower Intelligence, the research and data division of Windpower Monthly.

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