Macquarie Asset Management, through Macquarie Green Investment Group Renewable Energy Fund 2 (MGREF2), will expand its presence in the solar sector with an agreement to acquire a 50% stake in Island Green Power, a UK-based renewable energy project developer. Concurrently Macquarie Asset Management has agreed to acquire a stake in a ready-to-build 65 MW solar project located in Suffolk, UK, from Island Green Power. The project comprises a 50 MW of battery storage aligned with MGREF2’s mandate to develop, construct, and operate renewable energy projects over the long term. Subject to the satisfaction of customary closing conditions and regulatory approvals, the transaction is expected to complete by the second quarter of 2022.