Global Infrastructure Partners (GIP) has bought MAP Energy鈥檚 US renewable energy business on behalf of its fourth flagship fund.
The manager鈥檚 $22bn Global Infrastructure Partners (GIP) IV fund is investing an undisclosed sum to buy the MAP RE/ES investment platform, team, and renewable energy assets under management from MAP Energy for an undisclosed sum.
GIP said the assets include a portfolio of producing royalty interests across more than 16,000MW of operating wind and solar projects in the US, as well as a nationwide development pipeline managed through joint ventures with national and regional development partners.
Adebayo Ogunlesi, chairman and managing partner of GIP, said: 鈥淢AP RE/ES has been one of the most successful investors in US renewables and has created an attractive, extremely diversified portfolio that includes exceptionally high-quality operating cash flow from the royalty interests and the opportunity to invest additional capital in a leading development pipeline.鈥�
Aaron Zubaty, CEO of MAP RE/ES, said: 鈥淥ur team is delighted to collaborate with GIP to advance more than 15 years of work to date as we continue the meticulous management and growth of our assets.鈥�
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