Macquarie to buy majority stake in French solar platform Apex Energies

Apex Energies currently manages 92MW of solar. Image: Apex Energies.

Investment bank Macquarie is acquiring a 90% interest in French independent solar power producer Apex Energies Group from a consortium of investors.

The transaction, expected to reach completion by Q1 2022, will see Macquarie Asset Management buy the majority stake in the Montpellier-headquartered company through Macquarie Green Investment Group Renewable Energy Fund 2 (MGREF2).

Apex Energies develops, finances, builds and operates ground-mounted and rooftop solar power plants across France, and currently manages more than 530 sites with a combined capacity of 92MW. It is aiming to reach 1GW of capacity by 2025.

“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,” said Apex Energies managing director Carlos Herrera-Malatesta.

Apex Energies represents the third investment from MGREF2, which has raised more than €1.6 billion (US$1.94 billion) in funding for renewables investments.

Macquarie’s Green Investment Group earlier this year launched Cero Generation, a solar development company with an 8GW development portfolio across European markets such as France, the UK, Italy, Spain, Poland and the Netherlands.

Cero Generation’s CEO touted France’s “hugely ambitious plans for solar energy” when it was announced in May that the company would partner with EDF Renewables to acquire Green Lighthouse Development, a French agrivoltaic developer with a 2.4GW portfolio.

In a press release today, Macquarie said Apex Energies’ ambitions are bolstered by France’s plan to install an additional 30GW of solar by 2028 and the country’s commitment to reach net zero by 2050.