Friday, September 29, 2023

White & Case advises on €2.5bn sale of Reden Solar

A White & Case cross-border team has counselled on Macquarie Asset Management´s agreement to acquire Reden Solar for €2.5 billion from InfraVia Capital Partners and its partner Eurazeo


InfraVia Capital Partners has reached, alongside its partner Eurazeo, an agreement with Macquarie Asset Management, in a consortium with British Columbia Investment Management Corporation (BCI) and MEAG, to sell Reden Solar, a leading European independent solar power producer. Reden Solar, currently owned by InfraVia (53%) and Eurazeo (47%), is active across eight countries, with more than 750 MW in operation and a sizable maturing pipeline.

This transaction is based on a €2.5bn enterprise value. Since InfraVia’s acquisition in 2017, Reden Solar has developed its asset base, including platform management, structuring and expansion through a combination of organic and external growth. Capitalizing on our long-standing experience in the sector, Reden Solar’s seasoned management team has increased the group’s capacity by 8x and its EBITDA by more than 4x over the past five years. The group has also extended its footprint across Southern Europe, bolstering its market positions.

The completion of this transaction remains subject to regulatory and antitrust approvals.

Reden Solar develops, finances, builds, and operates solar power plants across Europe and Latin America, with a 762 MW operational portfolio and a 15 GW development pipeline. Headquartered near Toulouse, Reden Solar has an established presence in France and Spain as core markets and has recently expanded its footprint into Greece and Italy.

Macquarie Asset Management’s stake in Reden Solar will be acquired on behalf of institutional investors via Macquarie Global Infrastructure Fund and Macquarie Green Investment Group Renewable Energy Fund 2 (MGREF2). Reden Solar represents MGREF2’s fourth investment, having recently completed the acquisition of Apex Energies Group in France.

The transaction is expected to reach completion by Q3 2022.

White & Case LLP advised o this deal with a cross-border team in Paris, London, Madrid, Milan, Mexico, New-York and Miami, that was made up of Paris office partners Marc Petitier and associates Edouard Le Breton, Tiphanie Levassort, Etienne Branthomme, London office partner Tim Sheddick, counsel Thomas Pound and partner Katie Hicks, Madrid office partner Carlos Daroca Vazquez, Paris office partners Jean-Luc Champy, Amaury de Feydeau and Jérémie Marthan, Milan partner Alessandro Seganfreddo, Paris partner Alexandre Jaurett, Houston partner Rodrigo Dominguez Sotomayor, associate Rahel Wendebourg, Miami associate Chris Delp, Milan associate Nicoló Antonio Miglio, Paris associates Niels Ardeo-Winter, Camille Fouqué and Hugo Chevillot, Miami law clerk Christina Fernandez, Milan trainee Lorenzo Grampa, Paris associates Grégoire Baudry and Anaïs Caspar, among others.

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