BCI inks deal with Macquarie to buy into Eku Energy

Eku Energy is a London-based technology-enabled energy storage business.

  • Eku Energy was established by Macquarie’s Green Investment Group
  • It has 190 MWh of projects with a pipeline of over 3 GWh across the UK, Australia, Japan, and Europe
  • BCI managed C$211bn in assets as of 31 March

British Columbia Investment Management Corp (BCI) has signed an agreement with Macquarie Asset Management’s Green Investment Group (GIG) to acquire an interest in Eku Energy, GIG’s global battery storage platform.

The deal is likely to close in the second quarter of 2023 and is awaiting regulatory approvals.

Eku Energy, a London-based technology-enabled energy storage business, was launched to develop a global portfolio of utility-scale battery storage projects. The platform has 190 MWh of projects with a pipeline of over 3 GWh across the UK, Australia, Japan, and Europe.

“As countries worldwide facilitate the integration of clean energy to meet energy transition objectives, large-scale battery storage platforms like Eku are poised for strong growth, resulting in attractive investment opportunities,” said Lincoln Webb, executive vice president and global head, infrastructure and renewable resources, at BCI, in a statement.

Macquarie Asset Management, a global asset manager, has around €519.4 billion in assets under management globally. GIG started operating within Macquarie Asset Management on 1 April.

BCI is an institutional investor, headquartered in Victoria, British Columbia. It managed C$211 billion ($157 billion; €145 billion) in assets as of 31 March 2022. The firm has offices in Vancouver and New York.