Macquarie Asset Management has entered into negotiations to acquire a 90% equity interest in Apex Energies Group from a consortium of investors.
The transaction is expected to be completed by the first quarter of 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 but the transaction will be made via the Macquarie Green Investment Group Renewable Energy Fund 2.
Apex Energies currently manages more than 530 solar sites in France with a combined 92MW of installed capacity, and a 2.2GW development pipeline.
The company also provides energy efficiency services through its subsidiaries ORA and S4E to industrial clients and monitoring technology to renewable energy producers.
Apex Energies Group will represent Macquarie Green Investment Group Renewable Energy Fund 2’s third investment having already acquired a 50% stake in a 268MW portfolio of rooftop solar systems in the US, and a 10% stake in the 576MW Gwynt y Mor offshore wind farm in the UK.
The investor currently manages approximately 4.8GW of solar projects across the US, Mexico, India and China.
Macquarie Asset Management head of France, Benelux and Greece Stephane Brimont said: “Apex Energies Group has developed a rapidly growing base of operational solar assets across France and aims to secure 1GW 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.”
Apex Energies Group managing director Carlos Herrera-Malatesta 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.”
Apex Energies Group president Pascal Marguet 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.”