A consortium of investors including Macquarie Asset Management (MAM), British Columbia Investment Management Corporation (BCI) and MEAG announced the acquisition of photovoltaic renewable energy producer Reden Solar for an enterprise value of €2.5 billion from private equity firm InfraVia Capital Partners and global investment group Eurazeo.

Founded in 2008, Reden Solar builds and operates solar power plants in Europe and Latin America. The company is active across eight countries, with a 762 MW operational portfolio and a 15 GW development pipeline. France and Spain are the company’s core markets, and it has recently expanded into Greece in 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.”

MAM’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). Today’s announcement marks MGREF2’s fourth investment, following the acquisition of a 90% stake in French solar energy platform Apex Energies Group in November 2021.

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, added:

 “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.”