PE Deals

Eurazeo completes exit of Reden Solar

A consortium led by Macquarie Asset Management including British Columbia Investment Management (BCI) and MEAG has bought the entire stake.

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  • Eurazeo has achieved a 4.4 times return on the exit
  • It was a shareholder in Reden Solar since 2010
  • It partnered with InfraVia in 2017 to refocus the company’s business on solar PV projects

Eurazeo has sold its entire stake in Reden Solar to a consortium led by Australian asset manager Macquarie Asset Management and including British Columbia Investment Management and MEAG. Eurazeo had been a shareholder since 2010.

The sale was completed based on an enterprise value of $2.5 billion and generated cash proceeds of $646 million for Eurazeo. That represents a cash-on-cash multiple of 4.4 times and an internal rate of return of around 42%.

Reden Solar is an independent producer of photovoltaic (PV) renewable energy. It finances, develops and operates PV power generation plants in France, Southern Europe and Latin America.

Eurazeo partnered with InfraVia in 2017 to help refocus Reden Solar’s business on solar PV projects in anticipation of the market’s rapid growth. InfraVia is a European private equity firm specialized in investments in infrastructure and technology.

The partnership between Eurazeo and InfraVia saw Reden Solar grow its operational portfolio eightfold and its EBITDA more than fourfold since 2017. It also expanded across Southern Europe, in Greece, Italy, Spain and Portugal.