Macquarie Asset Management, on behalf of its institutional clients, has provided approximately €420 million of debt financing to Nadara, one of Europe’s largest renewable independent power producers (“IPP”).
Nadara is a developer, owner and operator of a diverse portfolio of more than 200 wind, solar, biomass, and energy storage assets across Europe and the US. The company oversees c. 4.3 GW of installed capacity and has a development pipeline of c. 14 GW. Nadara estimates that the energy generated across its global solar and wind assets resulted in 1.5 million tCO2e of GHG emissions avoided in 2023.1
Nadara was established in 2024 following the merger of Ventient Energy and Renantis, creating the largest non-utility IPP in Europe. In 2022, Macquarie Asset Management provided €100 million of debt financing to Renantis, formerly Falck Renewables. The financing of Nadara represents an amend, extend, novation and upsizing of this original investment.
Alice Pulbrook, a Senior Vice President at Macquarie Asset Management, said: “Since our initial investment in the business in 2022, it has been a pleasure to witness the growth of the company into a leading renewables IPP. We are delighted to continue to support Nadara as it delivers on its ambition to provide the energy solutions critical to creating a more sustainable energy system.”
Macquarie Asset Management’s Credit division is a global credit platform with approximately €205 billion assets under management. The platform offers focused expertise and solutions across the liquidity, risk and return spectrums, and has approximately €35 billion of private credit assets under management.2 The private credit market continues to demonstrate strong growth, with assets under management expected to increase from US$1.7 trillion to US$2.8 trillion globally by 2028.3 Within this, the renewables sector is becoming an ever-increasing component of infrastructure debt, with investments in renewable energy expected to continue to grow at 7 per cent annually.4
- Source: Nadara Management. The avoided emissions are calculated as the wind/solar farm’s generation multiplied by an emissions factor. This factor is based on an average fossil-fuel mix in the specific country.
- Macquarie Asset Management, as at September 2024
- Prequin: Future of Alternatives
- Infrastructure Investor. Global growth expectations to 2029
