Australian investment bank Macquarie Asset Management (MAM) has agreed to acquire a substantial minority stake in U.S. independent power producer D.E. Shaw Renewable Investments (DESRI) in a deal valued at up to US$1.73 billion.

DESRI, which develops, owns, and operates large-scale solar PV, wind, and battery energy storage systems across the U.S., has a development pipeline exceeding 25GW, with 6GW already in operation or under construction.

The company holds long-term power purchase agreements (PPAs) with a diverse range of off-takers, including corporations, utilities, and cooperatives in 24 states. This acquisition complements MAM’s existing portfolio of 12GW of operational capacity and more than 90GW of green energy assets in development.

MAM's funds include the Macquarie Global Infrastructure Fund (MGIF), Macquarie Green Energy and Climate Opportunities Fund (MGECO), and the Macquarie Energy Transition Infrastructure Fund International (METI).

D.E. Shaw is also advancing a 260MWh solar-plus-storage project in New Mexico, following its 200MW San Juan solar project and 28MW Alta Luna solar project, both of which contribute to its growing portfolio.

David Zwillinger, CEO of DESRI, expressed excitement about the partnership, stating it would help accelerate their growth in the renewable energy sector.