Green Investment Group announces record capital deployment in its third annual Progress Report

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Macquarie’s Green Investment Group (GIG) has today published its third annual Progress Report.

Published and presented at GIG’s annual Green Energy Conference (GEC) 2020, the Progress Report provides an overview of GIG’s activity for the period from September 2019 to August 2020, detailed green impact reporting, and an overview of the business’ strategy and outlook.

Over the reporting period, GIG:

  • committed or arranged over £2.9 billion across a global portfolio of 250 projects, taking the cumulative capital invested or arranged by GIG over three years to £6.9 billion;
  • made new investments: in solar in the UK and the US; in energy-from-waste in the UK; in onshore wind in Poland and the Nordics; and in offshore wind in Taiwan and Korea;
  • signed a record 14 new power purchase agreements for 1.3 GW of renewable energy capacity; and
  • invested in new projects which are projected to meet the equivalent electricity needs of nearly one million homes[1].

Along with its operating platforms, GIG has investments or operations in over 25 markets, a team of more than 450 experts and a global development pipeline of more than 25 GW.

Mark Dooley, Global Head of GIG, said: “We’ve been investing and arranging record levels of capital, executing record volumes of power purchase agreements and extending our strategic partnerships to new territories and new companies.”

“As one of the world’s largest renewable energy developers and investors, we’re committed to accelerating the green transition. The events of 2020 have shown how critical that mission is, and at the start of this decisive decade, we stand ready to seize the opportunity and build back better.”

Mark’s full review of the year is available to read in the Progress Report.

The Year in Review

2020 has reinforced the true globalisation of the GIG platform. Highlights for the period include:

  • Establishment of a joint venture with Enso Energy to create one of the UK’s largest subsidy-free solar and battery storage portfolios. The pipeline under development represents an initial 1 GW of capacity.
  • The inauguration of Formosa 1, Taiwan’s first commercial scale offshore wind farm, and financial close of the 376 MW Formosa 2 development. Once constructed, the Formosa portfolio will produce enough low-carbon electricity to power the equivalent of more than 2 million Taiwanese households;
  • Partnering with global energy leader, Total, to co-develop a 2.3 GW portfolio of 5 floating offshore wind projects in Korea. Construction for the first 500 MW phase of the partners Ulsan project is due to begin by the end of 2023.
  • Acquisition of the Zajączkowo Wind Farm, GIG’s second Polish asset, and execution of its first virtual PPA with leading lighting company, Signify.
  • Completion of the acquisition of Savion, expanding GIG’s US solar development pipeline to over 10 GW.
  • Reaching financial close and starting construction on the Murra Warra II onshore wind farm in Victoria, Australia.
  • More recently, partnering with Iberdrola to co-develop a 3.3 GW offshore wind portfolio in Japan.


The Progress Report is available to download now at



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About Macquarie’s Green Investment Group

Macquarie’s Green Investment Group (GIG) is a specialist in green infrastructure principal investment, project development and delivery, green impact advisory and the management of portfolio assets. Its track record, expertise and capability make it a global leader in green investment and development, dedicated to accelerating the green transition.

Initially launched by the UK Government in 2012 as the Green Investment Bank, it was the first institution of its type in the world. It was purchased by Macquarie in 2017 to create one of the world’s largest teams of specialist green infrastructure developers and investors. Now operating as the Green Investment Group, the business and its operating platforms have investments or operations in over 25 markets, more than 450 staff and a global development pipeline of more than 25 GW.

Macquarie Group Limited (Macquarie) is a diversified financial group providing clients with asset management and finance, banking, advisory and risk and capital solutions across debt, equity and commodities. Founded in 1969, Macquarie employs 15,849 people in 31 markets. At 31 March 2020, Macquarie had assets under management of £299.7 billion.

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[1] Green impact data is for the period 1 April 2019 to 31 March 2020 and reported on a ‘projected lifetime’ basis for 25 years. Calculations are based on UK benchmarks

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