Macquarie Asset Management is acquiring a 50% stake in Enel Green Power Hellas (EGPH), Enel Green Power's wholly owned renewable subsidiary in Greece.

The acquisition is being made via the Macquarie Green Investment Group Renewable Energy Fund 2 (MGREF2). The transaction involves the payment of €345 million (US$378.9 million), plus assumption of debt, giving it an implied full enterprise value of €980 million.

Upon the transaction’s closing, Rome-based Enel Green Power and Macquarie AM will enter into a shareholder agreement that envisages joint control of EGPH, co-managing its current renewable generation portfolio and continuing to develop its project pipeline.

The closing of the sale, which is expected by the last quarter of 2023, is subject to regulatory clearances.

EGPH operates 59 plants totalling 482 megawatts of installed capacity powered by wind, solar and hydro as well as six solar projects under construction with combined capacity of 84MW. The company is also developing a portfolio of wind and solar projects, alongside expanding its activities in innovative solutions such as storage and hybrid systems.

Macquarie AM is the investment management division of the Macquarie Group. Through its Spear WTE Investments, Macquarie Infrastructure and Real Assets Group (Mira) earlier bought 49% of the Hellenic Electricity Distribution Network Operator of Greece. Mira also owns most of Czech energy company CEZ Group's former businesses in Romania.