The Macquarie Group is planning to enhance its global renewable energy investments to take advantage of the growing positive sentiments from some governments but has warned that Australia needs to catch up with the rest of the world.
The bank posted a record $2.2 billion profit for the past year and one standout is the Macquarie Capital, which boosted its operating income by 2% to $1.2 billion. The division’s net profit contribution was $483 million, which was up by 7% on the same time last year. One of the biggest deals recently was the company’s decision to spend $4 billion spent on buying the Green Investment Bank from the British Government.
Tim Bishop, Macquarie Capital head said Australia was starting to develop major renewable energy assets, which are becoming more attractive to investments, although the Australian market is still behind the European market. Bishop also said that nearly half of the company’s green energy portfolio is invested in Britain.