Macquarie Asset Management (MAM) has acquired a 50% stake in Enel Green Power Hellas for approximately €250 million.
The acquisition was made on behalf of its co-investors and managed funds from Enel Group.
Enel Green Power Hellas, based in Greece, operates a portfolio of 566 MW comprising onshore wind, solar and hydropower projects. This includes 59 operational projects with a total capacity of 482 MW and six solar projects under construction, totalling 84 MW.
The partnership aims to leverage the expertise of both organisations in the renewable energy sector. MAM’s Green Investments team plans to support Enel Green Power Hellas’ expansion in renewable energy projects and innovative energy solutions.
The collaboration is expected to play a key role in Greece’s energy transition, focusing on decarbonising energy generation and enhancing energy supply security.
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 decarbonisation 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.”
Greece is increasing its renewable energy targets, aiming to increase its installed capacity to over 28 GW by 2030. This move is part of Greece’s broader strategy to reduce reliance on fossil fuels and establish itself as a leader in renewable energy in Southern Europe. Renewable energy is expected to comprise about 80% of Greece’s 2030 power generation mix.
This transaction continues Macquarie Asset Management’s investments in the Greek energy market, following its acquisition of a 49% stake in the Hellenic Electricity Distribution Network Operator in 2022.
The financial details of the transaction, which Enel first announced in July 2023, have not been disclosed. The transaction has now reached financial close.
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