Macquarie Asset Management, via Macquarie Green Investment Group Renewable Energy Fund 2, has entered into exclusive negotiations to acquire a 90 per cent equity interest in a leading French solar energy platform Apex Energies Group from a consortium of investors.
Apex Energies Group develops, finances, builds and operates rooftop and ground mounted solar power plants across France. Today, the group manages more than 530 sites with a combined 92 MW of installed capacity, and a 2.2 GW development pipeline. Via its subsidiaries ORA and S4E, Apex Energies Group also provides energy efficiency services to industrial clients and monitoring technology to renewable energy producers.
Stéphane Brimont, Head of France, Benelux and Greece at Macquarie Asset Management, said: "Apex Energies Group has developed a rapidly growing base of operational solar assets across France and aims to secure 1 GW of project capacity by 2025. We are excited by the opportunity to pursue this journey, as well as support the business in consolidating and strengthening its position as a leader in France's solar rooftop market. The group's activities align closely with our fund's long-term mandate to develop, construct and operate renewable energy at scale in mature markets."
Carlos Herrera-Malatesta, Managing Director of Apex Energies Group, said: "We have found an experienced, long-term investor in Macquarie to take our business forward. Over three decades we have helped local businesses, farmers, landowners and communities to reduce their carbon footprint and improve their energy capacity. We look forward to continuing this critical work, supported and scaled by Macquarie over the coming years."
Pascal Marguet, President of Apex Energies Group, said: "With Macquarie's support, Apex Energies will become a top independent solar power producer in France - both in the rooftop segment where the company is already a market leader, and in ground mounted solar plants, as well as the energy self-consumption sector. We believe we are a perfect match, and that Macquarie can help the management team in supporting our ambitious growth plans and realising the company's full potential."
Apex Energies Group's growth ambitions are bolstered by supportive policies including France's National Energy Plan to install an additional 30 GW of solar capacity by 2028, and the country's commitment to reach net zero by 2050.
Apex Energies Group will represent Macquarie Green Investment Group Renewable Energy Fund 2's third investment having already acquired a 50 per cent stake in a 268 MW portfolio of rooftop solar systems in the United States, and a 10 per cent stake in the 576 MW Gwynt y Môr Offshore Wind Farm in the United Kingdom.
Macquarie Asset Management has been investing in the renewable energy sector for more than 15 years and manages investments in 13.3 GW of green projects globally. Of this, Macquarie Asset Management is currently managing around 4.8 GW of solar projects across the United States, Mexico, India and China.
The transaction is expected to reach completion by Q1 2022, subject to the company's employees being informed and consultation with their employee representative bodies, receipt of necessary regulatory approvals and the satisfaction of customary closing conditions. The financial terms have not been disclosed.
