Australia’s Macquarie is leading a consortium that has reportedly tabled a €2.5 billion ($2.7 billion) bid for a clean energy business formed by French private equity houses InfraVia and Eurazeo.

The European Commission is examining whether the proposed acquisition of French solar developer RedEn should fall within the scope of its merger regulations.

The EU executive has called for interested parties to submit their thoughts on the proposed €2.5 billion acquisition of the solar company by Australian investor Macquarie Group and Canada’s British Columbia Investment Management Corp.

pv magazine reported in March that the MEAG Munich Ergo AssetManagement division of German reinsurance giant Munich Re is also involved in the Macquarie consortium bid to acquire RedEn.

The developer was formed in 2017 when the solar projects of PV module manufacturer Fonroche Énergie were acquired by French private equity groups InfraVia and Eurazeo. French energy company TotalEnergies was reportedly beaten to the acquisition by the Macquarie bid.

Submissions on the proposed takeover must be submitted to the European Commission by April 23.