Macquarie Led Consortium to Acquire Reden Solar for €2.5 Billion

The transaction is expected to reach completion by the third quarter of 2022


A consortium led by Macquarie Asset Management will be acquiring solar project developer Reden Solar from InfraVia Capital Partners and Eurazeo for an enterprise value of €2.5 billion (~$2.72 billion). The consortium included British Columbia Investment Management Corporation (BCI) and MEAG.

Macquarie’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). InfraVia Capital Partners owns a 53% stake in Reden Solar, while Eurazeo owns the rest. The transaction is expected to reach completion by the third quarter of 2022.

Reden Solar is an independent producer of photovoltaic renewable energy, focused on developing, constructing, and operating solar power projects in France and abroad. The company develops, finances, builds, and operates solar power projects across Europe and Latin America with an operational portfolio of 762 MW and a development pipeline of 15 GW across eight countries.

“We are delighted to have Macquarie, BCI, and MEAG support the next phase of our growth ambitions. Our business is 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,” said Thierry Carcel, CEO of Reden Solar.

Macquarie Group, a global renewables developer, has invested or arranged around €40 billion in green energy since 2010, with more than 50 GW of green energy projects in development, construction, and operation worldwide.

Macquarie provides investment expertise across various capabilities, including infrastructure, renewables, natural assets, real estate, and asset finance.

Stéphane Brimont, Head of France, Benelux, and Greece at Macquarie Asset Management, commenting on the acquisition, 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 maximize their contributions towards the low-carbon transition.”

Macquarie Asset Management had provided a £275 million (~$373.4 million) debt refinancing for 365 MW of solar portfolio in the UK. The portfolio comprises 24 ground-mounted solar PV projects located across England and Wales.

In November 2021, Macquarie Green Investment Group Renewable Energy Fund 2, Macquarie Asset Management, intended to acquire a 90% equity interest in the French solar energy platform Apex Energies Group from a consortium of investors. Apex Energies Group develops, finances, builds and operates rooftop and ground-mounted solar power plants across France. The financial terms have not been disclosed.