Macquarie Asset Management 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, continuing its push into the Greek energy market.

The Australian business, on behalf of co-investors and managed funds, has created the partnership with the leading renewable energy developer and operator in Greece with the goal to develop a pipeline of renewable energy projects in Greece.

This transaction is 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.

Enel Green Power Hellas has a 566 MW (megawatt) portfolio of onshore wind, solar, and hydropower projects in operation or under construction across its mainland and islands.

The portfolio consists of 59 operational projects totalling 482 MW of installed capacity powered by wind, solar and hydropower, and six solar projects under construction with an overall capacity of 84 MW.

The company’s operational portfolio is the third largest in Greece, and they have also identified a pipeline of new development projects, across wind and solar, while also expanding into innovative storage and hybrid solutions.

This infrastructure is said to be critical to Greece’s ongoing energy transition as it seeks to decarbonise its energy generation capacity and enhance security of supply.

The joint venture will see the combination of each business’ highly experienced teams in the renewable energy sector.

Macquarie Asset Management’s specialist Green Investments team will help support the business’ ambitions through its global expertise and investment capabilities.

This will work in unity with Enel Green Power Hellas’ team which has 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.”

With 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 striving to more than double its installed capacity of renewable energy to over 28 GW by 2030, accounting for roughly 80 per cent of its forecasted 2030 power generation mix.

These goals are supported by an encouraging regulatory environment, and Greece’s emerging power purchase agreement market.