MACQUARIE Asset Management has entered into an agreement to purchase 100% ownership of Danish offshore wind specialist ZITON, which claims to be the market leader in operations and maintenance (O&M).
Macquarie European Infrastructure Fund 7, advised by Macquarie Asset Management, has entered into a share purchase agreement with funds advised by Permira Credit and other existing shareholders to acquire all issued and outstanding shares of Zappy TopCo ApS and its wholly-owned subsidiary ZITON A/S.
ZITON CEO Thorsten Zalk noted Macquarie is the world’s largest investor in infrastructure like EV charging stations, airports, mobile networks, ports, electricity production and distribution and more.
“It is a major validation of ZITON that Macquarie has decided to invest in the company. It shows that we have built a great company with a strong market position, good relationships to our customers and some of the best people in the industry. This is another major step to develop ZITON 2.0 – we will continue our journey.”
ZITON has been involved in the offshore wind industry since 2007, making it one of the first companies in the sector. Over the years, it has expanded its fleet from one to five vessels to assert market leadership in offshore windfarm O&M.
The acquisition adds to Macquarie’s burgeoning involvement in the sector. In April 2022 Macquarie’s Green Investment Group (GIG) launched a new specialist offshore wind business, Corio Generation, which took over GIG’s project pipeline of over 15 GW – then one of the largest in the world. Corio has since doubled that backlog of projects from origination, through development and construction, and into operations.
The portfolio now includes around 30 GW of offshore wind projects in development across Europe, Asia-Pacific and the Americas, including Great Eastern Offshore Wind, a 2.5 GW fixed-bottom offshore wind project located 22 km off the Wellington Shire coast in central Gippsland, Victoria.
Completion of the ZITON takeover is anticipated by December 2024 or Q1 2025, subject to regulatory approvals, at which time Macquarie will obtain 100% ownership.
