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03/2022

Reden Solar acquired by MACQUARIE

FRANCE Power Generation / Renewables / Solar / PV EV 1b - 4b EUR

Context

Infravia Capital announced the execution of a definitive agreement whereby a consortium led by Macquarie Asset Management would acquire the French solar development platform Reden Solar. Reden Solar, established in 2017, has built a portfolio of utility‑scale photovoltaic projects across multiple European jurisdictions, primarily focusing on ground‑mounted, grid‑connected assets. The transaction follows a broader trend of international infrastructure investors consolidating fragmented renewable‑energy developers to achieve scale and geographic diversification. The acquisition aligns with Macquarie’s strategic intent to deepen its exposure to the European clean‑energy market and to augment its pipeline of development‑stage solar assets. From the buyer’s perspective, Reden Solar provides immediate access to a robust pipeline of projects at advanced development stages, a seasoned technical team, and established relationships with local permitting authorities. The logic of integration is underpinned by Macquarie’s capacity to apply its capital‑raising expertise, long‑term financing structures, and operational best practices to accelerate project delivery and enhance risk‑adjusted returns. Post‑closing, Reden Solar is expected to be integrated into Macquarie’s existing renewable‑infrastructure platform, leveraging shared services for engineering, procurement, and construction while benefitting from the parent’s global financing network. The operational synergy is anticipated to shorten development timelines, improve cost efficiency, and expand the combined entity’s asset base, thereby positioning the platform to capture a larger share of the European solar capacity expansion forecasted for the next decade.

Reden Solar, which reported an EBITDA margin of in 2021, is valued in this transaction at an EV/EBITDA multiple of .

Target

Reden Solar is a French‑based developer and integrator of utility‑scale photovoltaic power plants. The company originates its value proposition through the end‑to‑end delivery of solar projects, encompassing site identification, permitting, financing coordination, engineering, procurement, construction and long‑term operation and maintenance. Its portfolio comprises ground‑mounted PV farms ranging from a few megawatts to multi‑hundred‑megawatt installations, primarily situated in metropolitan France with a growing presence in neighboring European markets. Reden Solar serves a client base that includes electricity distributors, corporate off‑takers, and institutional investors seeking renewable‑energy assets. The firm maintains a vertically integrated structure, retaining in‑house expertise in grid interconnection studies, civil works, and module installation, while also leveraging a network of specialized subcontractors for balance‑of‑system components. Strategic emphasis is placed on aligning project development with national renewable‑energy targets and on optimizing plant performance through data‑driven O&M practices. Since its inception, the company has built a pipeline of projects at various development stages, from pre‑permit to commercial operation, and has established partnerships with local authorities and landowners to secure long‑term site rights. Reden Solar’s operational footprint is supported by a headquarters in Paris and regional offices that coordinate field activities across its asset base.

Ent. Value

Equity Value

Multiples

EV / Revenue

EV / EBITDA

EV / EBIT

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2021
2020

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REFERENCES

Valuation range: EV 1b - 4b EUR

Revenue range: 250M - 500M EUR

EBITDA range: 100M - 200M EUR

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Reden Solar by MACQUARIE are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Target: reden solar

Acquirer: macquarie