Macquarie Asset Management (MAM) has acquired a 50% stake in Enel Green Power Hellas (EGPH) from Italian power company Enel Group for €350m ($386m).
The deal brings the total enterprise value of Enel’s Greek renewables business to €980m.
EGPH has a 566MW portfolio in onshore wind, solar and hydropower projects, the third-largest operational portfolio in Greece
The portfolio consists of 59 operational projects with a combined installed capacity of 482MW generated by wind, solar and hydropower, and six solar projects currently under development with a combined capacity of 84MW.
EGPH is growing into storage and hybrid solutions and has identified a pipeline of new development projects spanning solar and wind energy.
The two companies have established a joint venture to leverage both parties’ expertise in the renewable energy sector, co-manage EGPH's renewable portfolio and continue developing the project pipeline.
Macquarie’s green investments team will contribute its global experience and investment capabilities to support the business’s growth ambitions in Greece.
The transaction is expected to impact Enel's earnings before interest, taxes, depreciation and amortisation (EBITDA) by €400m and reduce its consolidated net debt by €350m.
The National Energy and Climate Plan has outlined a goal to more than double Greece's renewable capacity to reach 28GW by 2030, representing 80% of its power generation mix.
The stake transaction was announced in July 2023 and marks a significant milestone for both companies.
MAM Green Investments managing director Eric Bjonerud stated: “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.”
This investment by MAM follows its previous entry into the Greek energy market in 2022 and signifies its continued commitment to the region.
