The transaction is the conclusion of Galehead's "Big Sky" capital raise process.
NEW YORK (July 18, 2022) – Macquarie Asset Management’s Green Investment Group (GIG) and Galehead Development (Galehead) today announced the close of an investment by GIG in Galehead, a leading US-based renewable energy development platform and trusted partner to global utilities, independent power producers and large US corporates for planning, managing and delivering renewable energy projects.
Galehead is differentiated by its proprietary LandCommand® technology and specialized front-end development capabilities. Since 2016 the company has successfully developed and monetized 5 GW of solar PV, wind and co-located storage projects and is actively developing an additional 4 GW through existing joint development arrangements. GIG’s investment will allow Galehead to advance a further 6 GW of early to mid-stage renewable energy projects, enter new markets and explore new commercial applications for its LandCommand® platform. The Galehead partnership and pipeline will contribute towards GIG’s strategy of owning both development and operating-phase renewable energy assets.
“The US renewables market is embarking on a period of enormous growth, driven largely by the core renewable technologies of solar and wind,” said Mark Dooley, Global Head of Green Investment Group. “With its proven track-record and strong pipeline of early- to mid-stage development projects, Galehead is well positioned to be at the forefront of this growth. Our partnership enables us to expand GIG’s footprint in the US and marks the start of an exciting new phase in our work to accelerate the transition to net zero.”
GIG is a specialist green investor within Macquarie Asset Management, and a global leader in the development of companies, assets and technologies that aim to accelerate the global transition to net zero. The asset manager oversees investments in more than 46 GW of capacity, and through GIG and its portfolio companies, is currently developing over 30 GW of renewable energy capacity globally.
“Macquarie Asset Management’s Green Investment Group is an ideal long-term capital partner for Galehead to advance our vision for ‘developing a century of Impact Infrastructure.’ We are proud to continue the long tradition of GIG’s pioneering investments in the energy transition, and we are excited about working together to expand the Galehead platform,” said Galehead CEO Matt Marino.
“We are thrilled to achieve our strategic objectives through the structuring and closing of this investment. GIG’s capital commitment strengthens Galehead’s balance sheet, access to institutional resources and our internal capabilities for delivering transformative clean energy projects to our downstream partners,” added Galehead COO Patrick Martin.
Already an established market for renewable energy with 37 GW installed during 2021, we believe the US is set for further strong growth over the course of this decade. It is estimated that the US will account for a significant portion of the global renewable energy growth expected between now and 2030.
About Macquarie Asset Management
Macquarie Asset Management is a global asset manager that aims to deliver positive impact for everyone. Trusted by institutions, pension funds, governments, and individuals to manage more than $A735.5 billion/EUR459.0/GBP394.6/USD531.7 in assets globally, Macquarie Asset Management provides access to specialist investment expertise across a range of capabilities including fixed income, equities, multi-asset solutions, private credit, infrastructure, renewables, natural assets, real estate, and asset finance.
Macquarie Asset Management is part of Macquarie Group, a diversified financial group providing clients with asset management, finance, banking, advisory and risk and capital solutions across debt, equity, and commodities. Founded in 1969, Macquarie Group employs approximately 17,209 people in 33 markets and is listed on the Australian Securities Exchange.
About Green Investment Group
Green Investment Group (GIG) is a specialist green investor within Macquarie Asset Management, and a global leader in the development of companies, assets and technologies that aim to accelerate the global transition to net zero. Initially launched by the UK Government in 2012 as the Green Investment Bank, it was the first institution of its type in the world. Acquired by Macquarie in 2017, GIG has grown to become one of the world’s largest green investors with a development pipeline of more than 30 GW in over 25 markets, spanning established renewables and emerging green technologies.
All figures as at 31 March 2022.
About Galehead Development
Galehead is the leading upstream technology and services platform for planning, management and delivery of greenfield development pipeline for the Energy Transition. Galehead is a trusted project development partner to global utilities, Independent Power Producers, and Fortune 500 enterprise. Since its founding in 2016, Galehead has deployed its proprietary LandCommand® technology and specialized upstream platform to develop more than 15 GW of solar, storage and wind projects under active development by Galehead and its Downstream Partners including Tyr Energy Development, EDF, Clearway, Rev Renewables, Steelhead, Engie and Longroad.
In 2022, Macquarie made a strategic investment providing growth capital for Galehead’s platform and its development pipeline.
Galehead is headquartered in Boston, MA, employs approximately 40 FTE, and manages development operations throughout the United States.
Other than Macquarie Bank Limited ABN 46 008 583 542 (“Macquarie Bank”), any Macquarie Group entity noted in this document is not an authorised deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this document relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.