Macquarie Asset Management acquires 50 per cent of Enel Green Hellas

• Macquarie Asset Management has acquired a 50 per cent stake in Enel Green Power Hellas for a total equity consideration of approximately €250 million.
• Partnership formed with Enel Group to develop a pipeline of renewable energy projects in Greece.  

Macquarie Asset Management, on behalf of co-investors and managed funds, has acquired a 50 per cent stake in Enel Green Power Hellas from Enel Group (“Enel”) for a total equity consideration of approximately €250 million.

Enel Green Power Hellas is a leading renewable energy developer and operator in Greece, with a 566 MW portfolio of onshore wind, solar, and hydropower projects in operation or under construction across its mainland and islands.

The portfolio comprises 59 operational projects totaling 482 MW of installed capacity powered by wind, solar and hydropower, and six solar projects under construction with an overall capacity of 84 MW. Its operational portfolio is the third largest in Greece.¹ Enel Green Power Hellas has also identified a pipeline of new development projects, across wind and solar and is expanding into innovative storage and hybrid solutions. This infrastructure will be critical to Greece’s ongoing energy transition as it seeks to decarbonise its energy generation capacity and enhance security of supply.²

The joint venture brings together two highly experienced teams in the renewable energy sector. Macquarie Asset Management’s specialist Green Investments team will further support the business’ ambitions through its global expertise and investment capabilities. Enel Green Power Hellas has a growing professional team with long-standing experience in the Greek renewable energy market, industrial knowledge and in-house capabilities to take projects swiftly from development through to construction and operations.

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.”

Following recent challenges in the European energy market and increasing momentum to reduce its reliance on fossil fuels, Greece is ramping up its renewable energy deployment targets and establishing itself as one of the leading markets for renewables development in Southern Europe. Under the revised National Energy and Climate Plan, Greece is aiming to more than double its installed capacity of renewable energy to over 28 GW by 2030, accounting for about 80 per cent of its forecasted 2030 power generation mix.² These ambitions are supported by an encouraging regulatory environment, and Greece’s emerging power purchase agreement market.

This transaction marks the latest investment by Macquarie Asset Management in the Greek energy market, following its acquisition of a 49 per cent stake in Hellenic Electricity Distribution Network Operator in 2022.

The transaction has now reached financial close and was previously announced by Enel in July 2023. The terms of the transaction have not been disclosed.

1. BNEF, December 2022
2. Greek 2023 National Energy and Climate Plan