Macquarie Asset Management, on behalf of co-investors and managed funds, has acquired 50% of Enel Green Power Hellas from Enel Group (“Enel”) for a total equity consideration of approximately €250 million.
This transaction marks the latest investment by Macquarie Asset Management in the Greek energy market, following its acquisition of a 49 percent stake in Hellenic Electricity Distribution Network Operator in 2022.
Enel Green Power Hellas is a leading renewable energy developer and operator in Greece, with a 566 MW portfolio of onshore wind, solar, and hydropower projects in operation or under construction across its mainland and islands.
The portfolio comprises 59 operational projects totaling 482 MW of installed capacity powered by wind, solar and hydropower, and six solar projects under construction with an overall capacity of 84 MW. Its operational portfolio is the third largest in Greece.
Enel Green Power’s transaction with Macquarie Asset Management Green Investments had a positive impact on the regular and published EBITDA (Earnings before interest, taxes, depreciation, and amortization) for 2023, amounting to approximately €400 million (including the reassessment of the remaining investment value).
Aristotelis Chantavas, the Head of the Europe region in Enel Green Power (EGP), commented on the agreement between the Greek subsidiary and Macquarie Asset Management Green Investments: “Today, a significant green deal between one of the world’s dynamic investment funds and the leading energy provider is formally concluded. Our goal is for the new company to take a leading role in Greece’s energy market and strengthen sustainable development.”
Eric Bjonerud, Managing Director at MAM Green Investments, said: “The Greek market is rapidly accelerating away from fossil fuels and now holds huge potential in helping to accelerate Europe’s decarbonization efforts. We are excited to announce this new investment and partnership with Enel – supporting the delivery of an ambitious pipeline of renewable energy projects, embedding innovative green technologies in the grid, and supporting Greece’s energy transition.”