Macquarie Asset Management (MAM), Galehead Founders (GDF), Galehead Development, and Treaty Oak Clean Energy announced that MAM will acquire from GDF the remaining controlling interests in Galehead via funds managed by MAM. This investment will enable Galehead to become a subsidiary of Treaty Oak, a leading US independent power producer (IPP) owned by MAM-managed funds.
The deal will also enable GDF to form ETX Upstream (ETXU) to expand access to the LandCommand Platform and pursue non-renewables Energy Transition development activities.
The deal and resulting integration create value for Treaty Oak and Galehead as they move forward together. Treaty Oak will expand its geographic reach into new markets through Galehead’s pipeline of high-quality solar, wind, and storage development assets, and the Galehead team will be able to leverage Treaty Oak’s complementary capabilities and strengths to amplify the value of assets developed and commercialized.
Treaty Oak is a clean energy platform focused on developing, commercializing, building, and operating utility-scale solar and energy storage projects in targeted US energy markets. And in January, Treaty Oak announced the closure of financing and start of construction of its 100 MWAC Redfield solar project, originated and developed by Galehead. Treaty Oak plans to bring into construction within the next twelve months two additional solar projects it acquired from Galehead, with a combined capacity of 385 MWAC.
Galehead is a US-based renewable energy development platform and trusted partner to utilities, independent power producers and large US corporates for planning, managing and delivering renewable energy projects, with over 20 GWAC of renewables projects under development across more than 20 states.
ETXU is a platform launched in early 2025 by Galehead’s founding partners for incubating, investing in, and pursuing upstream Energy Transition development activities.
MAM initially invested in Galehead in July 2022 to expand its footprint in the US and contribute to its strategy of owning development—and operating-phase renewable energy assets. MAM’s subsequent investment in Treaty Oak in December 2022 further contributed to MAM’s objectives and complemented the strategic partnership formed between MAM and Galehead.
The deal is subject to closing conditions.
KEY QUOTES:
“We are excited to increase our investment in Galehead. We believe that US renewables continue to play a crucial role in today’s power demand-driven market. 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.”
– Peter Zhu, Managing Director of Macquarie Asset Management Green Investments
“We have gotten to know the Galehead team very well through a series of successful transactions in the past. We see a tremendous opportunity to create value by combining the strengths of two excellent organizations. I look forward to welcoming the Galehead team and am confident that together we can achieve greater scale and stronger performance.”
– Chris Elrod, Treaty Oak CEO
“MAM’s expanded investment in Galehead demonstrates the strength and quality of the Galehead team and pipeline. The spin-out of ETX Upstream will allow us to replicate the proven success of the LandCommand Platform in emergent Energy Transition verticals. In launching ETX Upstream, we’re excited to tackle some of the biggest barriers and challenges to a timely and fully realized Energy Transition.”
– Matt Marino, ETX Upstream CEO
