A consortium comprising Macquarie Asset Management, British Columbia Investment Management Corporation (BCI) and MEAG is buying Reden Solar in a €2.5bn deal.

The Macquarie consortium has agreed to buy Reden Solar from InfraVia Capital Partners and Eurazeo. 

Macquarie is investing on behalf of the Macquarie Global Infrastructure Fund and the Macquarie Green Investment Group Renewable Energy Fund 2 (MGREF2) funds.

Reden Solar develops, finances, builds and operates solar power plants across Europe and Latin America, with a 762MW operational portfolio and a 15GW development pipeline. The company has an established presence in France and Spain as core markets, and has recently expanded its footprint into Greece and Italy.

Stéphane Brimont, the 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 VP and global head of infrastructure and renewable resources at BCI, said: “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.”

Holger Kerzel, board of management at MEAG, said: “This project fulfils our high expectations for sustainable investments and underlines our commitment to increase MEAG’s exposure in 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.”

Thierry Carcel, CEO 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.”

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