Macquarie Capital Commits $300M for Renewable Energy Projects in Healthcare

a h ealthcare stethoscope and mask on a blue background

(Credit: Canva Pro)

by | Oct 23, 2023

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Macquarie Capital, the advisory, capital markets, and principal investment arm of global financial services group Macquarie Group, has committed $300 million to invest in renewable energy project developments for hospitals and hospital systems.

The support is part of a United States government initiative to improve energy efficiency, emissions, and energy resilience across the healthcare sector. The initiative is led by the White House Office of Clean Energy Innovation and Implementation in conjunction with the Department of Health and Human Services (HHS) and aims to leverage grants and tax credits from the Inflation Reduction Act to finance and develop energy-efficient projects for healthcare hubs.

IRA Funding Impacts

The IRA has provided a big boost to the clean energy market in the United States, creating new incentives for private companies to support new development projects. Within the healthcare space, the IRA’s funding opportunities offer healthcare facilities critical upgrades to improve the resiliency of their services while reducing operating costs and emissions. Climate change is considered a significant threat to human health, and the IRA’s funding provides new opportunities for the health sector to address climate issues, such as by improving sustainability and efficiency.

Macquarie Capital took part in a roundtable on Oct. 20, 2023, hosted by the White House and HHS to support the healthcare sector in leveraging the IRA. The discussion focused on a variety of solutions, including implementing on-site solar panels, microgrids, battery storage, and backup generation with cleaner fuels, as well as charging for electric vehicle fleets.

Clean Energy Projects in Health Care

Macquarie stated it is supporting several investments in energy projects, including healthcare providers and FESCO Energy, an energy services business with more than $50 million in private and public-sector healthcare projects, including a $21 million solar, microgrid, EV charging, backup generation and other energy conservation-measure projects at Meritus Medical Center in Maryland. Plus, the company has a solar and energy resilience project for a prominent U.S. government healthcare entity.

“As a developer of both energy and healthcare infrastructure, Macquarie Capital sees significant opportunity for projects in the safety-net healthcare space that can reduce energy costs and lower emissions while providing increased resiliency and attractive returns to investors,” John Pickhaver, Macquarie Capital’s head of infrastructure and energy capital for the Americas, said in a statement. “Macquarie’s commitment to this program will expand our portfolio of development activities to benefit communities across the United States.”

Macquarie is leveraging the IRA to accelerate its investment strategies in energy sectors such as renewable power, battery storage, EV charging, energy services, and renewable natural gas.

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