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Macquarie Asset Management has acquired 50% of Greek renewable energy developer and operator Enel Green Power Hellas from Italian utility group Enel SpA (BIT:ENEL), the asset management arm of Australian financial services giant Macquarie Group Ltd (ASX:MQG) said today.
The acquisition, on behalf of Macquarie Asset Management’s co-investors and managed funds, is for a total equity consideration of about EUR 250 million (USD 278m). It follows the announcement of the deal by Enel in July.
Enel Green Power Hellas has a 566-MW portfolio in operation or under construction, including 59 operational wind, solar and hydroelectric power plants with a combined capacity of 482 MW and six under-construction solar projects totalling 84 MW. It also has a pipeline of new wind and solar development projects and is venturing into the storage and hybrid segments.
“The Greek market is rapidly accelerating away from fossil fuels and now holds huge potential in helping to accelerate Europe’s decarbonisation efforts,” said Eric Bjonerud, managing director at Macquarie Asset Management Green Investments.
Through their joint venture, Macquarie Asset Management’s Green Investments team and Enel Green Power Hellas will work to deliver an ambitious pipeline of renewable energy projects.
The announcement notes that under the revised National Energy and Climate Plan, Greece seeks to more than double its renewable energy capacity to over 28 GW by 2030, with the goal underpinned by an encouraging regulatory environment and the country’s emerging power purchase agreement market.
(EUR 1 = USD 1.111)
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