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Eurazeo completes €633m sale of Reden Solar stake

Eurazeo has closed the sale of its entire stake in Reden Solar to a consortium led by Macquarie Asset Management and also comprising British Columbia Investment Management Corporation (BCI) and MEAG.

This sale was completed on the basis of an enterprise value of €2.5 billion and generated cash proceeds of €633 million for Eurazeo, representing a cash-on-cash multiple of 4.4x and an internal rate of return (IRR) of around 42%.

A shareholder since 2010, Eurazeo partnered with InfraVia in 2017 to help refocus the company’s business on solar PV projects, anticipating this market’s rapid growth. 

Reden Solar has an operational portfolio of more than 750 MW as well as a significant development pipeline. Reden Solar is one of the rare players in its sector with activities covering the entire solar PV value chain and across the entire development cycle of a solar PV project, from the initial phases up to the operation and maintenance of sites.

Eurazeo’s Real Assets team worked together with its partner InfraVia to support the company, bringing its long-standing experience in this sector and its expertise in platform management, structuring and expansion through a combination of organic and external growth.

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