Macquarie agrees c. €420 million financing with leading European renewable independent power producer

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

1. 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.
2. Macquarie Asset Management, as at September 2024
3. Prequin: Future of Alternatives
4. Infrastructure Investor. Global growth expectations to 2029