French solar developer Reden Solar was on sale since October. The €2.5 billion transaction is expected to be finalized in the third quarter of this year.

A consortium led by Australian financial group Macquarie Asset Management has agreed to acquire French solar developer Reden Solar from French infrastructure companies Infravia and Eurazeo. Reden told pv magazine in October that its sale process “was under way,” with France’s TotalEnergies bidding on it along with Macquarie.

The Macquarie consortium, which also includes UK-based investment firm British Columbia Investment Management Corporation (BCI) and Germany’s MEAG Munich Ergo Assetmanagement GmbH, has invested €2.5 billion in the transaction, which is scheduled to be completed in the third quarter of 2022.

Reden Solar, with offices in France and Spain, develops, finances, builds and operates solar photovoltaic power plants in Europe and Latin America with an installed portfolio of 762MW and a portfolio under development of 15GW. France and Spain are its main markets, and it has recently expanded its presence in Greece and Italy.

Macquarie Asset Management’s stake in Reden Solar will be purchased on behalf of institutional investors through the Macquarie Global Infrastructure Fund and the Macquarie Green Investment Group Renewable Energy Fund 2 (Mgref2, which raised €1.6 billion at closing in February 2021). Reden Solar is the fourth investment for Mgref2, having recently completed the acquisition of Apex Energies Group, in France.

The Macquarie Group has invested or disposed of around €40 billion in green energy deals since 2010 and has more than 50GW of green energy projects under development, construction and operation around the world.