Macquarie Asset Management (MAM) has agreed to acquire a significant minority stake in DESRI, a leading renewable energy company in the United States, through various MAM-managed funds including Macquarie Global Infrastructure Fund (MGIF), Macquarie Green Energy and Climate Opportunities Fund (MGECO), and Macquarie Energy Transition Infrastructure Fund International (METI). This investment, valued at approximately $US1.725 billion, aims to support DESRI s growth and strengthen its market position. DESR s platform boasts over 6 GWAC of operational projects, 4 GWAC of pre-construction projects, and a development pipeline of more than 25 GWAC. The company operates across all project life cycle stages, from development to operations, and has long-term power purchase agreements (PPAs) with a diverse base of offtakers in 24 states. MAM s investment in DESRI complements its existing 12 GWAC of operational project capacity. Christopher Frost, Senior Managing Director of MAM, highlights the strategic fit of DESRI s energy transition platform and its management team. David Zwillinger, CEO of DESRI, expresses gratitude for the partnership with Macquarie and looks forward to accelerating growth in the renewable energy sector. Julius Gaudio, Managing Director of the D. E. Shaw group, appreciates Macquarie s confidence in DESRI and anticipates continued value creation through collaboration. Lazard and King & Spalding served as financial and legal advisors to MAM, while Goldman Sachs & Co. LLC and Skadden, Arps, Slate, Meagher & Flom LLP advised DESRI. The transaction is subject to closing conditions, including regulatory approvals. DESRI, a member of the D. E. Shaw group, has developed, acquired, and operates long-term contracted renewable energy assets in the U.S., with a portfolio of 70 solar and wind projects representing over ten gigawatts of aggregate capacity. The D. E. Shaw group, founded in 1988, has a significant presence in
Source: marketscreener.comPublished on 2024-09-24
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