Paris-headquartered investment company Eurazeo has agreed to sell its 47% stake in solar power producer Reden Solar, to a consortium of Macquarie Asset Management, British Columbia Investment Management Corporation (BCI) and MEAG.
The price is based on a €2.5bn Enterprise Value and the disposal will produce cash proceeds of €632 million for Eurazeo.
Reden Solar is active across eight countries, with more than 750 MW in operation and a sizable maturing pipeline.
Since acquiring its stake in the company in 2017, Eurazeo’s Real Assets team has worked alongside its co-investor InfraVia to support the group’s development. Since then the group’s capacity has grown eight-fold and its EBITDA by more than four times. The company has also extended its footprint across Southern Europe.
“We have provided the group with a comprehensive set of resources that have paved the way for Reden Solar’s transformation into a fully integrated platform and a leading European independent solar power producer, focused on large and stable high growth markets, with a strong track-record and a sizable pipeline,” said Renaud Haberkorn, managing partner of real assets at Eurazeo.
Eurazeo has a diversified portfolio of €27 billion in assets under management, including nearly €19.2 billion from third parties, invested in 450 companies and is listed on Euronext Paris.