(Bloomberg) -- A consortium led by Macquarie Group Ltd. agreed to acquire French solar farm developer Reden Solar SAS for an enterprise value of 2.5 billion euros ($2.7 billion), as it looks to benefit from a global push toward green energy.

The deal, with the buyer group including British Columbia Investment Management Corp. and MEAG, adds to the list of investors pouring in money into renewables with Europe seeking to become carbon neutral by 2050. Clean power is coming into even sharper focus as governments in the continent look to reduce dependence on Russian gas following the country’s invasion of Ukraine.

Reden Solar, which develops, finances, builds and operates plants across Europe and Latin America, is currently 53% owned by InfraVia Capital Partners and 47% by Eurazeo SE. It has a 762-megawatt operational portfolio and a 15-gigawatt development pipeline, Macquarie said in a statement Monday. 

“Reden Solar’s geographically diverse platform provides an exceptional opportunity to scale up its development pipeline to help meet net-zero targets across Europe,” Stephane Brimont, head of France, Benelux and Greece at Macquarie Asset Management, said in the statement.

The sale will generate cash proceeds of 632 million euros for Eurazeo, representing an internal rate of return of around 42%, the French investment company said in a separate statement. The transaction is expected to be completed by the third quarter. 

Citigroup Inc. and Nomura Holdings Inc. acted as M&A advisers to InfraVia, according to the Paris-based private equity firm. Weil and Gotshal & Manges were its legal adviser. Goldman Sachs Group Inc., Rothschild & Co., and White & Case advised the consortium of buyers.

(Updates with Macquarie comment in fourth paragraph.)

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