Macquarie Capital Launches Green Investment Group in North America; Hires Former Tesla Exec
Macquarie Capital today announced the launch of its Green Investment Group (GIG) in North America, which will focus on asset creation in the renewables sector, principal investment, and financing solutions that span all stages of the project lifecycle, including development, construction and operations.
Macquarie Capital also recently created a new role pursuing opportunities in battery storage and distributed energy through the appointment of Greg Callman as Global Head of Energy Technology. Callman previously served as Global Head of Market Entry for Tesla and its Energy Products division
As part of the overall renewables effort, GIG will launch Candela Renewables through a partnership that backs a sector-leading solar development team.. Candela was co-founded by CEO Brian Kunz and CFO Nik Novograd. Under the arrangement, Candela will develop assets exclusively for GIG. Over the past decade, the Candela team has collectively created a pipeline of 26 projects in six states with PPAs that are in operation, under construction or final development, providing more than 4.1 GW through a range of utility scale solar projects to supply some of the world’s largest corporate energy users.
GIG also successfully developed, commercialized and reached financial close of Canadian Breaks, a 200 MW onshore wind farm in Texas. The asset is located in Texas in Oldham and Deaf Smith Counties and connects into the Electric Reliability Council of Texas (ERCOT) electric grid.
Canadian Breaks was fully developed by Macquarie Capital, who provided 100% of the sponsor equity. Macquarie Capital also acted as financial advisor and led the structuring of an energy hedge, tax equity and debt financing. Rabobank, National Australia Bank and Siemens Financial Services provided debt financing.