A consortium led by Australian financial services group Macquarie Asset Management has agreed to acquire French solar energy company Reden Solar for an enterprise value of €2.5bn ($2.7bn).

The consortium, which also includes British Columbia Investment Management Corporation (BCI) and MEAG, acquired Reden Solar from InfraVia Capital Partners and Eurazeo.

Reden Solar finances, develops and operates solar power facilities across Europe and Latin America.

The company has an operational portfolio with 762MW of combined capacity, as well as 15GW of capacity in development.

It has operations in France and Spain and recently expanded into Greece and Italy.

Reden Solar CEO Thierry Carcel said: “We are delighted to have Macquarie, BCI and MEAG support the next phase of our growth ambitions.

“Our business is continually evolving from predominantly rooftop solar into ground-mounted and agrivoltaic projects.

“With the backing of our new shareholders, we look forward to expanding Reden Solar’s presence in existing and new markets, as well as developing our teams on the ground.”

Macquarie Asset Management will acquire a stake in Reden Solar on behalf of its institutional investors.

The deal will be executed through the Macquarie Global Infrastructure Fund and Macquarie Green Investment Group Renewable Energy Fund 2 (MGREF2).

The transaction is expected to close by the third quarter of this year.

Macquarie Asset Management France, Benelux and Greece head Stéphane Brimont said: “Reden Solar’s geographically diverse platform provides an exceptional opportunity to scale up its development pipeline to help meet net-zero targets across Europe.

“Their management team has a proven track record of developing projects in core and new European markets.

“We are excited to support them over the long-term as they build out their business and maximise their contributions towards the low-carbon transition.”

Last year, Macquarie Asset Management invested €90m in a 120MW portfolio of concentrated solar power plants in Spain.