- Macquarie led consortium has agreed to acquire Reden Solar for an enterprise value of €2.5 billion
- The other 2 partners in the deal that’s expected to achieve closure in Q3/2022, are BCI and MEAG
- It will enable the French solar company to expand its presence in existing and new markets
French solar power project developer Reden Solar has found new owners in Macquarie Asset Management and partners that have agreed to acquire the company from InfraVia Capital Partners and Eurazeo for a total enterprise value of €2.5 billion ($2.7 billion).
With this agreement, Australian financial services group Macquarie led consortium will acquire an operational solar portfolio of 762 MW along with a 15 GW development pipeline of rooftop solar, ground mounted and agrivoltaic projects, spread across France, Spain, Greece and Italy. Reden Solar’s CEO Thierry Carcel said the development will expand its presence in existing and new markets while developing the team.
“Reden Solar’s geographically diverse platform provides an exceptional opportunity to scale up its development pipeline to help meet net zero targets across Europe,” said Head of France, Benelux and Greece at Macquarie Asset Management, Stéphane Brimont. The deal is expected to complete by Q3/2022.
Other consortium partners with Macquarie in the transaction are Canadian institutional investor British Columbia Investment Management Corporation (BCI) and investment management firm MEAG that manages the assets of Munich Re and ERGO.
Macquarie said its stake will be acquired on behalf of institutional investors via Macquarie Global Infrastructure Fund and Macquarie Green Investment Group (GIG) Renewable Energy Fund 2 (MGREF2). In December 2021, the group said MGREF2 has raised over €1.6 billion in investor commitments for a diversified portfolio including solar and wind, exceeding the initial fundraising target of €1 billion (see RE Fund 2 Of Macquarie’s GIG Raises Over €1.6 Billion).
The fund has also completed its acquisition of another French solar energy platform Apex Energies that it announced in December 2021 (see Europe PV News Snippets).
Macquarie counts having invested in over 50 GW of green energy projects since 2010 that are currently in development, construction and operation globally.