Macquarie Asset Management (MAM) announced the acquisition of renewable energy company Enel Green Power Hellas from Enel Group for a total equity consideration of around €250 million.

Launched in 2008, Enel Green Power Hellas develops and operates renewable energy projects in Greece, with a portfolio in of 482 MW of onshore wind, solar, and hydropower projects in operation, and another 84 MW of solar projects under construction.

The transaction comes as Greece is positioned to significantly increase investment in clean energy over the next few years, with the country’s recently released National Energy and Climate Plan targeting renewable energy capacity of more than 28 GW by 2030, over double current levels, and accounting for 80% of its power mix.

The acquisition marks the latest investment by Macquarie in Greece’s green energy market, following its 2022 acquisition of a 49% stake in Hellenic Electricity Distribution Network Operator. Macquarie has formed a partnership with Enel Group to develop a pipeline of renewable energy projects in Greece.