Macquarie eyes UK solar company

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The leading Australian bank and infrastructure investor Macquarie has emerged as a prime candidate to buy Solarcentury, the UK-based operation which is one of the world’s fastest growing solar power generators.

Macquarie is vying with one other unnamed bidder in the final stage of the auction and a source describes it as “determined to buy the company”. Solarcentury was put up for sale by its quartet of venture capital and private equity owners in April, with Evercore mandated to handle the deal.

Sources, then and now, talk of a price of around £250m for the company, which generated EBITDA of £12m in its last financial year but is expected more than to double that figure this year. Solar century has around 5GW of assets in development. Most of its assets are in the UK, but it also has growing interests in continental Europe and Latin America.

Macquarie’s most high-profile deal in the UK was its purchase of the Green Investment Bank in 2017 and the company sees the UK’s renewable sector as one its strategic priorities, but it declines to comment on its interest in Solarcentury.

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