Macquarie Asset Management, British Columbia Investment Management (BCI), and MEAG have agreed to acquire French solar power developer Reden Solar for €2.5bn from InfraVia Capital Partners and Eurazeo.

It was reported in June 2021 that the French solar power company was put up for sale by its owners.

Eurazeo has a 47% stake in Reden Solar and will get cash proceeds of €632m from the sale. The investment company acquired the solar power developer alongside InfraVia Capital Partners in 2017.

InfraVia Capital Partners holds the remaining 53% stake in Reden Solar, which is engaged in developing, financing, constructing, and operating solar power plants in Europe and Latin America.

Founded in 2008, the company has an operational portfolio of 762MW and a development pipeline of 15GW. It is active across eight countries.

Reden Solar is said to have an established footprint in France and Spain as its key markets. Recently, Reden Solar had expanded its presence into Greece and Italy.

Reden Solar CEO Thierry Carcel 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.”

Macquarie Asset Management said that its stake in the French solar power developer will be purchased on behalf of institutional investors through Macquarie Global Infrastructure Fund and Macquarie Green Investment Group Renewable Energy Fund 2 (MGREF2).

Reden Solar marks the fourth investment for MGREF2, following the recently closed acquisition of Apex Energies Group in France.

Macquarie Asset Management France, Benelux and Greece head Stéphane Brimont 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.”

The deal, which is subject to regulatory and antitrust approvals, is anticipated to close by Q3 2022.