Macquarie Green Investment Group Renewable Energy Fund 2 (MGREF2) has closed with more than €1.6bn of investor commitments. The fund will invest in a diversified portfolio of assets including platforms and construction stage and operational wind and solar projects in Western Europe, the US, Canada, Mexico, Japan, Taiwan, Australia and New Zealand.

MGREF2 will draw on the deep technical expertise in Macquarie’s Green Investment Group (GIG) when investing in and managing construction stage projects, and to provide green impact reporting to its underlying investors. MGREF2 and GIG will also explore opportunities for co-investment.

The fund has attracted commitments from 32 investors including pension funds, local government pension schemes, insurers and sovereign wealth funds. Europe was the largest source of capital for the fundraise, with other commitments received from investors in Asia-Pacific and North America.

MGREF2 has made two investments to date, having acquired a 10 per cent stake in the 576MW Gwynt y Môr offshore wind farm in the UK and a 50 per cent stake in a 268MW portfolio of operating residential rooftop solar projects across the US.

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