Macquarie added to its fast-growing global renewables interests as it led a consortium buying PV power group Reden Solar for an enterprise value of €2.5bn ($2.7bn).

Macquarie Asset Management, British Columbia Investment Management Corporation and Munich Re’s assert manager MEAG will together acquire Reden Solar, which has a 762MW operating portfolio and a 15GW development pipeline.

Toulouse-based Reden Solar, which expects to hit 1GW of installed capacity this year, operates plants in France and Spain and recently entered Greece and Italy as new growth markets, as well as producing modules.

Stakes of the consortium members were not disclosed in a statement announcing the deal, which will see the developer acquired from investors InfraVia Capital Partners and Eurazeo in a transaction expected to close in the third quarter.

Stéphane Brimont, head of France, Benelux and Greece at Macquarie Asset Management, said: “Reden Solar’s geographically diverse platform provides an exceptional opportunity to scale up its development pipeline to help meet net zero targets across Europe. Their management team has a proven track record of developing projects in core as well as new European markets.”

MEAG board member Holger Kerzel added: “This project fulfills our high expectations for sustainable investments and underlines our commitment to increase MEAG’s exposure in renewable energy. With this investment, we will support the future growth of one of Europe’s leading independent power producers covering the entire value chain of photovoltaic energy production.”

For Macquarie the Reden deal marks another step in a rapidly expanding global portfolio of renewables interests.

Last week its Green Investment Group (GIG) unit unveiled plans to create Corio Generation, a pure-play offshore wind player, to advance its 15GW project portfolio in that sector.

Macquarie Group said it has invested or arranged around €40bn in the clean energy sector since 2010, and has more than 50GW of projects in development, construction and operation worldwide.