Eurazeo has reached an agreement with Macquarie Asset Management, in a consortium with British Columbia Investment Management Corporation (BCI) and MEAG, to sell its 47 per cent stake in Reden Solar, a European independent solar power producer, based on a EUR2.5 billion Enterprise Value. Reden Solar is active across eight countries, with more than 750 MW in operation and a sizeable maturing pipeline.
The disposal would generate cash proceeds of EUR632 million for Eurazeo, representing a cash-on-cash multiple of 4.3x and an internal rate of return (IRR) of around 42 per cent.
The completion of the transaction remains subject to regulatory and antitrust approvals.
