Macquarie Asset Management (MAM), a top 50 global asset manager and the world’s largest manager of infrastructure, announced the acquisition of a 90% stake in French solar energy platform Apex Energies Group, through its Macquarie Green Investment Group Renewable Energy Fund 2.
Apex develops, finances, builds and operates rooftop and ground mounted solar power plants across France, currently managing over 530 sites with 92 MW of installed capacity, and a 2.2 GW development pipeline. The company also provides energy efficiency services to industrial clients and monitoring technology to renewable energy producers through subsidiaries ORA and S4E.
The acquisition follows the recent announcement by Macquarie that the firm’s green infrastructure and energy transition-focused investment platform, Green Investment Group (GIG), will operate as part of MAM, citing the substantial growth in opportunities and investment appetite in GIG’s areas of focus. Last year, MAM also announced a commitment to manage its portfolio in line with net zero by 2040.
Stéphane Brimont, Head of France, Benelux and Greece at Macquarie Asset Management, said:
“Apex Energies Group has developed a rapidly growing base of operational solar assets across France and aims to secure 1 GW of project capacity by 2025. We are excited by the opportunity to pursue this journey, as well as support the business in consolidating and strengthening its position as a leader in France’s solar rooftop market. The group’s activities align closely with our fund’s long-term mandate to develop, construct and operate renewable energy at scale in mature markets.”
The proposed transaction comes as France looks to significantly ramp spending over the next few years on solar energy capacity. Last year, the country officially published its National Energy Plan, which envisions reaching over 20 GW of solar capacity by 2023, and 44 GW by 2028.
Carlos Herrera-Malatesta, Managing Director of Apex Energies Group, said:
“We have found an experienced, long-term investor in Macquarie to take our business forward. Over three decades we have helped local businesses, farmers, landowners and communities to reduce their carbon footprint and improve their energy capacity. We look forward to continuing this critical work, supported and scaled by Macquarie over the coming years.”
Pascal Marguet, President of Apex Energies Group, added:
“With Macquarie’s support, Apex Energies will become a top independent solar power producer in France – both in the rooftop segment where the company is already a market leader, and in ground mounted solar plants, as well as the energy self-consumption sector. We believe we are a perfect match, and that Macquarie can help the management team in supporting our ambitious growth plans and realising the company’s full potential.”