Renewable and community investment marks Macquarie's 50th

Australian investment bank Macquarie Group has used its 50th anniversary to announce a philanthropic commitment of AUD $50m that will go to social welfare and environmental projects. This money has been awarded to five organisations whose projects range from Sub-Saharan African healthcare provisions to ocean waste clean-up. Each organisation will receive AUD $10m over the next five years. These organisations were chosen from a field of nearly 1,000 applicants for their “potential for lasting community benefit and a defined approach to measuring social impact”.

This announcement coincides with a Reuters report that claims that the investment firm has decided to sell AUD $1bn in shares, to raise capital for renewable energy spending. This move has been surprising to analysts at Reuters and Goldman Sachs, who report that Macquarie had AUD $5bn in excess capital three months ago. The shares are being offered to institutional investors, at roughly AUD $123.5 per share, with a 4.5 per cent discount available until Wednesday. The firm currently owns 22 GW of renewable energy assets, including the recent purchase of Norway’s Tysvaer onshore wind farm, along with four wind farms and a solar power company in the US, purchased earlier in the year. Macquarie’s CEO Shemara Wikramanayake has stated that “renewable energy is an area where our investors are getting very strong returns”, reflecting the company’s growing interest in the sector.

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