Macquarie Asset Management, in a consortium with British Columbia Investment Management Corp and MEAG, has agreed to acquire Reden Solar from InfraVia Capital Partners and Eurazeo. The deal, expected to close by Q3 2022, values the business at €2.5 billion ($2.7 billion). France’s Reden is a producer of photovoltaic renewable energy.
Macquarie Asset Management Consortium Agrees to Acquire Reden Solar
March 7, 2022
PARIS – Macquarie Asset Management, in a consortium with British Columbia Investment Management Corporation (BCI) and MEAG, has reached an agreement to acquire Reden Solar from InfraVia Capital Partners and Eurazeo for an enterprise value of €2.5 billion.
Reden Solar develops, finances, builds and operates solar power plants across Europe and Latin America, with a 762 MW operational portfolio and a 15 GW development pipeline. Headquartered near Toulouse, Reden Solar has an established presence in France and Spain as core markets, and has recently expanded its footprint into Greece and Italy.
Thierry Carcel, Chief Executive Officer of Reden Solar, said: “We are delighted to have Macquarie, BCI and MEAG support the next phase of our growth ambitions. Our business is continually evolving from predominantly rooftop solar, into ground mounted and agrivoltaic projects. With the backing of our new shareholders, we look forward to expanding Reden Solar’s presence in existing and new markets, as well as developing our teams on the ground.”
Stéphane Brimont, Head of France, Benelux and Greece at Macquarie Asset Management, said: “Reden Solar’s geographically diverse platform provides an exceptional opportunity to scale up its development pipeline to help meet net zero targets across Europe. Their management team has a proven track record of developing projects in core as well as new European markets. We are excited to support them over the long-term as they build out their business and maximise their contributions towards the low-carbon transition.”
Lincoln Webb, Executive Vice President and Global Head of Infrastructure and Renewable Resources at BCI, said: “We look forward to partnering with the management team and staff of Reden Solar in the continued growth and development of the company. In the context of stronger national climate policies and clean energy goals, we believe Reden Solar is well-positioned to continue providing market leadership in the development and operation of solar energy and contributing to global energy transition aspirations.”
Holger Kerzel, Board of Management, MEAG: “This project fulfills our high expectations for sustainable investments and underlines our commitment to increase MEAG’s exposure in renewable energy. With this investment, we will support the future growth of one of Europe’s leading independent power producers covering the entire value chain of photovoltaic energy production. We are very pleased about this transaction and look forward to a successful partnership with Macquarie, BCI and Reden Solar.”
Macquarie Asset Management’s stake in Reden Solar will be acquired on behalf of institutional investors via Macquarie Global Infrastructure Fund and Macquarie Green Investment Group Renewable Energy Fund 2 (MGREF2). Reden Solar represents MGREF2’s fourth investment, having recently completed the acquisition of Apex Energies Group in France.
Macquarie Group is a leading global renewables developer having invested or arranged around €40 billion in green energy since 2010, and with more than 50 GW of green energy projects in development, construction and operation worldwide.
The transaction is expected to reach completion by Q3 2022.
About Macquarie Asset Management
Macquarie Asset Management is a global asset manager that aims to deliver positive impact for everyone. Trusted by institutions, pension funds, governments, and individuals to manage more than £403 billion in assets globally, we provide access to specialist investment expertise across a range of capabilities including fixed income, equities, multi-asset solutions, private credit, infrastructure, renewables, natural assets, real estate, and asset finance.