The Macquarie Green Investment Group Renewable Energy Fund 2 has closed with investments of more than €1.6 billion.

MGREF2 is a 25-year closed-end fund which will invest in assets including platforms and construction and operational stage wind and solar projects in Western Europe, the United States, Canada, Mexico, Japan, Taiwan, Australia and New Zealand. The fund exceeded its initial minimum target of €1 billion from institutional investors. Macquaurie says the fund attracted commitments from 32 investors including pension funds, local government pension schemes, insurers and sovereign wealth funds.