Earnings relief is starting to near for Macquarie with Brookfield’s $10 billion tilt at Australia’s largest renewable owner and operator, Neoen, showing investor appetite for green energy projects is ramping back up, analysts say.

Macquarie reported in May that its annual profits had slumped by a third to $3.5 billion because it had fewer chances to monetise its global 110-gigawatt stable of generation, storage and battery technology investments. However, JPMorgan’s Andrew Triggs said the Neoen deal showed the tide had turned.