PARIS, FRANCE: Eurazeo has reached an settlement with Macquarie Asset Management, in a consortium with British Columbia Investment Management Corporation (BCI) and MEAG, to promote its 47% stake in Reden Solar, a number one European independent photo voltaic energy producer, based on a €2.5bn Enterprise Value.
Reden Solar is active throughout eight countries, with greater than 750 MW in operation and a large maturing pipeline.
The disposal would generate money proceeds of €632 million for Eurazeo, representing a cash-oncash a number of of 4.3x and an internal rate of return (IRR) of round 42%.
Since buying Reden Solar in 2017, Eurazeo’s Real Assets team has labored alongside its coinvestor InfraVia to support the group’s development, capitalizing on its long-standing expertise within the sector, collectively with platform management, structuring and expansion through a mixture of natural and exterior growth.
Along with the management of Reden Solar’s seasoned administration team, this has resulted within the expansion of the group’s capability by 8x and its EBITDA by greater than 4x over the previous 5 years and prolonged its footprint throughout Southern Europe, bolstering its market positions.
The completion of this transaction stays topic to regulatory and antitrust approvals.
Renaud Haberkorn, Managing Partner of Real Assets at Eurazeo said: “We have been extraordinarily happy to accompany Reden Solar along with InfraVia throughout this development phase. We have provided the group with a complete set of resources which have paved the way for Reden Solar’s transformation right into a fully built-in platform and a number one European independent photo voltaic energy producer, focused on large and stable excessive growth markets, with a strong track-record and a large pipeline. This mixture of company transformation, platform growth and actual asset funding saviness illustrates the firm’s know-how and confirmed technique within the actual asset sector covering each actual property and infrastructure”.