Macquarie buys Sorgenia Green

The purchase is being done out of Macquarie European Infrastructure Fund 4. Sorgenia operates wind business in Italy and France, the latter in conjunction with KKR.

The Macquarie European Infrastructure Fund 4 (MEIF4) has signed a binding agreement to buy 100 percent of wind firm Sorgenia Green.

The acquisition, for an undisclosed amount, is the fund’s fifth investment. Media reports peg Sorgenia Green’s enterprise value at around €250 million.

Sorgenia Green develops operates and manages wind projects in Italy and France. Italian in origin, the company has a portfolio of approximately 112 megawatts (MW) across the country, with a further 70MW already approved. It also manages an operational portfolio of approximately 165MW in France through a joint venture with KKR Infrastructure. The joint venture has another 40MW of projects already permitted.

“Sorgenia Green is a quality core infrastructure business operating in countries with growing demand and stable regulatory frameworks for renewable energy,” commented Edward Beckley, European head of Macquarie Infrastructure and Real Assets (MIRA).

MEIF4 closed in 2013 on €2.75 billion. Other investments made by the fund include German gas network Open Grid Europe and Czech counterpart Czech Gas Networks. MIRA has assets under management of €76 billion.

This article was first published on Clean Energy Investor, Infrastructure Investor's sister publication dedicated to low-carbon investing.