Macquarie eyes 90% stake in French solar developer Apex

Macquarie Asset Management Inc., via Macquarie Green Investment Group Renewable Energy Fund 2, entered into negotiations to acquire a 90% equity stake in French solar energy platform Apex Energies SAS from a consortium of undisclosed investors.

Apex Energies manages more than 530 sites with a combined 92 MW of installed capacity and a 2.2-GW development pipeline, according to a Nov. 19 news release. Apex Energies will represent the third investment by Macquarie Green Investment Group Renewable Energy Fund 2, following the acquisition of a 50% interest in a 268-MW portfolio of rooftop solar systems in the U.S. and a 10% stake in the 576-MW Gwynt y Môr Offshore Wind Farm (Awel y Mor) in the U.K., the release said.

"Apex Energies Group has developed a rapidly growing base of operational solar assets across France and aims to secure 1 GW 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," said Stéphane Brimont, Macquarie Asset Management's head of France, Benelux and Greece.

The deal is expected to be completed by the first quarter of 2022, subject to consultation with employee representative bodies, regulatory approvals and customary closing conditions. Financial terms were not disclosed.

Macquarie Asset Management is the asset management arm of Macquarie Group Ltd.