Ed Northam, global head of Green Investments at Macquarie Asset Management, says delivering new energy infrastructure has become increasingly complex in recent years. Since taking the helm of MAM's flagship renewable energy investment arm in 2026, Northam has observed growing friction in the delivery model, including supply chain constraints, cost of capital shifts, permitting challenges, and geopolitical risks.

Northam, who previously led the business in APAC and Europe, brings unique perspective having been involved with the organization since its days as the UK Green Investment Bank before Macquarie's 2017 acquisition. He notes that asset value recognition now happens later in the development cycle, with investors preferring to see permitting in place and construction underway before committing capital to projects.

The renewable energy investment veteran argues that scale has become the critical driver for success in this evolving landscape. MAM's size enables it to secure priority access to equipment and favorable terms from suppliers - advantages smaller players cannot match. While some investors have cooled on ESG initiatives, Northam sees continued strong support from European institutions and growing interest from Australian and Asian limited partners.