Macquarie Acquires France based Reden Solar for $2.7 Billion

Highlights :

  • Entities like British Columbia Investment Management Corporation and MEAG are co-purchasers of Reden Solar.
  • The independent power producer has an operational portfolio of 72MW and 15GW are in the pipeline.

In a major development in the RE sector, France’s independent power producer (IPP) Reden Solar has been acquired by a consortium led by Macquarie Asset Management for an enterprise value of $2.7 billion.

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Reden Solar is one of the leading developers, builder and operator of solar photovoltaic (PV) power plants from France. At present the company has a 762MW operational portfolio and 15GW projects pipeline. It is active in eight European and Latin American countries. France and Spain are its core markets.

Reden Solar says that it’s looking to enter more markets around the globe. It has just expanded its footprint into Greece and Italy.

The acquiring consortium consists of some notable entities like British Columbia Investment Management Corporation and MEAG. The purchase is done from InfraVia, a private equity firm, and Eurazeo, an investment company. The two have 53% and 47% stakes in Reden Solar. The acquisition will be complete by the third quarter of the present year.

Reden CEO Thierry Carcel, said on the acquisition, “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.”

Stephane Brimont, Macquarie Asset Management’s head of France, Benelux and Greece, added “Reden Solar’s geographically diverse platform provides an exceptional opportunity to scale up its development pipeline to help meet net zero targets across Europe.”

Macquarie Asset Management which belongs to the Macquarie Group that deals primarily in finance, itself has more than 50GW of green energy projects in development, construction and operation across the world. The group has done some notable acquisitions in the recent past that has swelled its renewable energy portfolio. The company just purchased Apex Energies Group that manages 92MW of assets and has planned to go 1GW in the coming few years.

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