Wednesday 5 February 2020

Morrison & Co launches renewable development platform in Europe

Morrison & Co has announced the launch of a new renewable development platform in Europe.

The infrastructure investment manager says the new Galileo Green Energy (GGE) platform will develop, build and operate clean power facilities, predominantly in the form of wind, solar and storage plants.

It will operate across all of Europe including its largest markets, namely Italy, Spain, France Germany and the UK.

The new platform has attracted initial capital commitments of €220 million (£186m) and has already secured its first partnership with renewable energy developer EMPower - together, they will jointly develop a 300MW portfolio of greenfield wind farm sites in Ireland.

Vimal Vallabh, Global Head of Energy at Morrison and Co, said: "The EU is one of the world’s largest and most dynamic energy markets, offering significant renewable infrastructure investment opportunities as the shift away from fossil fuels gathers pace.

"Our investment into GGE reinforces our belief in the longevity of the sector and its place in the future energy mix of Europe. The increasing complexity of the interconnected energy markets in Europe and the changing sources of energy suit our long-term investment horizon and in-house expertise."