Macquarie Buys PV Power Group Reden Solar for $2.7 Billion

Published on: 07 March 2022
by KnowESG

A Brief Summary

Macquarie added to its fast-growing renewables interests by leading a consortium that purchased PV power company Reden Solar for €2.5 billion ($2.7 billion). Reden Solar, having a 762MW operating portfolio and a 15GW development pipeline, will be acquired by Macquarie Asset Management, British Columbia Investment Management Corporation, and Munich Re's asset management MEAG.

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Reden Solar, located in Toulouse, plans to reach 1GW of installed capacity this year and runs operations in France and Spain and has lately expanded into Greece and Italy as potential growth areas.

The consortium members' stakes were not mentioned in a statement announcing the agreement, which would see the developer acquired from investors InfraVia Capital Partners and Eurazeo in a transaction expected to close in the third quarter.

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.”

MEAG board member Holger Kerzel added: “This project fulfils our high expectations for sustainable investments and underlines our commitment to increasing MEAG’s exposure to 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.”

The Reden transaction is another step in Macquarie's fast-growing worldwide portfolio of renewables assets.

Last week, the Green Investment Group (GIG) business announced plans to form Corio Generationa, a pure-play offshore wind company, to expand its 15GW project portfolio in the sector.

Since 2010, Macquarie Group has invested or organised about €40 billion in the renewable energy sector, with more than 50 gigawatts of projects under development, construction, and operation throughout the world.