Macquarie Asset Management has launched an onshore renewable energy business to fast-track expansion into Australia and New Zealand’s renewable sector.
The manager has set up Aula Energy to develop, operate, and own utility-scale wind, solar, and integrated battery projects with an expected capacity of 4GW to support the energy transition by helping to increase renewable energy capacity in the grid.
The cost of the investment will be about A$10bn (€600m) according to industry standard calculations for developing 4GW capacity.
The initial portfolio will have projects spanning every state in Australia and each asset will have grid connection potential. The first project is Boulder Creek Wind Farm near Rockhampton, Queensland. Construction is expected to begin in 2024. A series of large-scale onshore wind farms in Western Australia totalling up to 2.4GW in early stages of development is being planned in partnership with Green Wind Renewables, a Western Australian company.
“A powerful collaboration with partners will deliver on Aula Energy’s vision to be a leading green independent power producer in Australia and New Zealand that is trusted and committed to providing sustainable energy, energy for the future,” said Chad Hymas, chief executive officer of Aula Energy.
Hymas said: “Key to Aula Energy’s approach will be the long-term sustainable development of these assets. We believe it’s through partnerships that we can have the most impact. That’s why we will prioritise long-term relationships and meaningful collaboration in developing our projects.”
Lachlan Creswell, head of Macquarie Asset Management’s specialist green investments team for Australia and New Zealand said: “Aula Energy offers Australian and international investors exposure to a unique and diversified portfolio at an important time for renewable energy markets in the region, in the context of increasing demand from commercial and industrial off-takers.”
To read the latest IPE Real Assets magazine click here.