Treaty Oak Clean Energy, an independent power producer based in the U.S. and owned by funds managed by Macquarie Asset Management, has agreed to a deal that would make renewables developer Galehead Development a wholly-owned subsidiary of Treaty Oak. 

Macquarie Asset Management (MAM) will acquire the remaining controlling interest in Galehead Development from Galehead Founders as part of the transaction. Under the deal, Galehead Founders will form ETX Upstream LLC to pursue upstream, non-renewable, energy transition development activities.

“MAM’s expanded investment in Galehead demonstrates the strength and quality of the Galehead team and pipeline,” said Matt Marino, ETX Upstream CEO. “The spin-out of ETX Upstream will allow us to replicate the proven success of the LandCommand Platform in emergent energy transition verticals.”

The Treaty Oak-Galehead integration combines Galehead’s solar, wind and storage development assets with Treaty Oak’s solar and energy storage platform.

Earlier this year, Treaty Oak announced the financing and construction of the Redfield solar project, which was originally developed by Galehead. Treaty Oak also acquired two other solar projects from Galehead and plans to begin construction within the next two months. 

“We believe that U.S. renewables continue to play a crucial role in today’s power demand-driven market,” said Peter Zhu, managing director of Macquarie Asset Management Green Investments. “This transaction provides MAM with enhanced access to an attractive pipeline, well-positioned to meet the growing energy needs of data centers and industrial load customers.”

Macquerie Asset Management first invested in Galehead and Treaty Oak in 2022 to expand its strategy for the development and operation of renewable energy assets in the U.S.

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