Eurazeo, an investment company, announced the sale of its entire stake in Reden Solar to a consortium led by Macquarie Asset Management, British Columbia Investment Management Corporation (BCI), and MEAG.
This sale was completed based on an enterprise value of €2.5 billion (~$2.6 billion) and generated cash proceeds of €633 million (~$644 million) for Eurazeo.
Reden solar is an independent solar power producer, focusing on the development, construction, and operation of Solar PV projects in France and abroad.
Eurazeo was a shareholder in Reden since 2010 and partnered with InfraVia in 2017.
Eurazeo’s Real Assets team worked with InfraVia to support Reden and helped the company grow its operational portfolio eightfold and its EBITDA more than fourfold over the last five years.
Reden Solar has an operational portfolio of more than 750 MW and a significant development pipeline. Backed by Eurazeo’s worldwide network, Reden Solar had extended its footprint across Southern Europe, Greece, Italy, Spain, and Portugal.
Earlier this month, Eurazeo Stepped up its sustainable infrastructure investments by leading a €160 million (~$162 million) funding round in Electra, a French company specializing in fast charging technology for EVs. The investment aims to support the decarbonization of the transport sector, avoiding CO2 emissions by 550,000 tons by 2026 and therefore contributing to Eurazeo’s carbon-neutrality objective.
According to Mercom’s Q1 2022 Solar Funding and M&A Report, 29 solar M&A transactions were recorded in Q1 2022 compared to 43 in Q4 2021. In a YoY comparison, there were 20 solar M&A transactions in Q1 2021.
Recently, Repsol Renovables, Spanish energy, and petrochemical company, approved the sale of 25% of its stake in the renewables business to the consortium formed by the French insurance company Credit Agricole Assurances and Switzerland -based Energy Infrastructure Partner (EIP) for €905 million (~$949 million). This transaction values Repsol’s renewable business at €4.4 billion (~$4.6 billion), including debt and minority holdings