Macquarie Asset Management ("MAM"), Galehead Founders ("GDF"), Galehead Development ("Galehead") and Treaty Oak Clean Energy ("Treaty Oak") today announced that MAM will acquire from GDF the remaining controlling interests in Galehead via funds managed by MAM. The investment will allow Galehead to become a wholly owned subsidiary of Treaty Oak, a leading US independent power producer ("IPP") owned by MAM-managed funds. The transaction will also enable GDF to form ETX Upstream, LLC ("ETXU") to expand access to the LandCommand® Platform and pursue non-renewables Energy Transition development activities.
The transaction and resulting integration creates value for Treaty Oak and Galehead as they move forward on a combined basis. Treaty Oak will expand its geographic reach into new markets through Galehead's pipeline of high-quality solar, wind and storage development assets, and in turn, 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 leading clean energy platform focused on developing, commercializing, building and operating utility-scale solar and energy storage projects in targeted US energy markets. 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 previously acquired from Galehead, with a combined capacity of 385 MWAC.
Galehead is a leading 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 to incubate, invest in and pursue upstream Energy Transition development activities.
"We are excited to increase our investment in Galehead," said Peter Zhu, Managing Director of Macquarie Asset Management Green Investments. "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."
"We have gotten to know the Galehead team very well through a series of successful transactions in the past," said Chris Elrod, Treaty Oak CEO. "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."
"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. In launching ETX Upstream, we're excited to tackle some of the biggest barriers and challenges to a timely and fully realized Energy Transition."
MAM initially invested in Galehead in July 2022 to expand its footprint in the US and contribute towards its strategy of owning both 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 transaction is subject to closing conditions.
About Treaty Oak
Treaty Oak is a leading clean energy platform focused on developing, commercializing, building and operating utility-scale solar and energy storage projects in targeted US energy markets. Treaty Oak's mission is to create a sustainable future by providing clean, low-cost energy solutions to the grid benefitting energy consumers, communities, and generations to come.
About Galehead Development
Galehead is the leading upstream development platform for planning, managing and delivering renewable generation resources and Energy Transition infrastructure. Galehead is powered by its proprietary LandCommand® software with a proven track record for reducing project development risk, costs and timelines. Since 2016 Galehead has successfully developed and monetized 7 GW of solar PV, wind and battery energy storage projects and is actively developing new greenfield projects with its network of downstream partners across the US.
About ETX Upstream
ETXU was launched in Q1 of 2025 by Galehead Development's founding partners. ETXU incubates and invests in Energy Transition companies powered by the LandCommand® Platform with an initial focus on three verticals: power solutions for industrial load customers, land finance for Energy Transition infrastructure, and transmission development.
