Macquarie Group’s £20 billion UK investment package will support the rollout of fast-charging EV infrastructure, managing director and CEO Shemara Wikramanayake confirmed yesterday (14 October).
Last week (11 October), the UK government confirmed the nation will receive over £24 billion in private investment in energy projects, including £1.3 billion from Macquarie. The Australian financial services company has now committed to new investment by its portfolio company Roadchef, a motorway service area operator, to install 650 fast-charging points across most of its sites.
These facilities will be powered in part by 9MW of new solar energy capacity that will be installed onsite. Roadchef will also work with partners to pilot charging solutions for heavy goods vehicles (HGVs) at two locations, developing 100 additional parking bays in preparation for electric HGVs (eHGVs).
Wikramanayake said: “We believe that infrastructure investment helps create strong foundations for economic growth, job creation, better services for the public and stronger communities. We are fully invested in the UK’s success and look forward to playing our part in delivering the investment the country needs.”
The wider investment package also includes 5GW of new offshore wind capacity, including projects off the Orkney and Lincolnshire coasts. Macquarie Asset Management oversees a stake in Corio Generation’s 2GW West of Orkney offshore wind development and, having taken an additional 39.25% stake in July this year, has a 100% stake in the adjacent Lynn and Inner Dowsing offshore wind farms, off the coast of Lincolnshire.
The group is also investing in Island Green Power’s solar plant in Stow, which was granted consent at the beginning of September. The financier acquired a 50% stake in the UK solar developer in 2022.
Macquarie Group’s green investments
The remaining £7 billion investment will support upgrades to the UK’s gas distribution network, upgraded digital infrastructure and investment in the creation of new homes. According to the group, which first expanded beyond Australia in 1989, it has supported over £60 billion of investment in UK infrastructure.
Macquarie acquired the UK Green Investment Bank (GIB) in 2017, forming the Green Investment Group (GIG). The £2.3 billion sale was the subject of some controversy, including an unsuccessful legal challenge and saw Macquarie agree to a number of commitments, including to invest at least £3 billion in the green economy.
In January 2021, in a letter to then-energy minister Kwasi Kwarteng, Macquarie confirmed it had surpassed that investment target.