Macquarie Group has announced it will take an equity stake in the Asian Renewable Energy Hub (AREH) ’s $22bn renewable energy project in Australia. The company will offer an undisclosed level of development capital as part of the deal, with the investment also increasing the overall capacity of the scheme from 9 GW to 11 GW. ARED is a joint venture between Australian government and private sector partners that aims to build Australia’s largest solar farm by 2023.
Macquarie Group has announced it will take an equity stake in the Asian Renewable Energy Hub (AREH)’s $22bn renewable energy project in Australia. The company will offer an undisclosed level of development capital as part of the deal, with the investment also increasing the overall capacity of the scheme from 9 GW to 11 GW. The hub plans to build wind farms and solar panels in Pilbara, northwest Australia to supply local energy users, and export clean power to southeast Asia, subject to approval from the Western Australia government.