Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE  
Europese Commissie, DG COMP MERGER REGISTRY, 1049 Brussel,   BELGIË  
 
Tel: +32 229 -91111. Fax: +32 229 -64301. E -mail: COMP -MERGER -REGISTRY@ec.europa.eu . 
  EUROPEAN COMMISSION  
Brussels, 29.4.2022  
C(2022 ) 2986 final  
PUBLIC VERSION  
Macquarie Asset  Management  
28 Ropemaker Street  
London, EC2Y 9HD  
United Kingdom  
 
British Columbia Investment Management 
Corporation  
750 Pandora Avenue  
Victoria BC, V8W 0E4  
Canada  
Subject : Case M. 10707  – MACQUARIE / BCI / REDEN HOLDING AND REDEN 
HOLDING 2020  
Commission decision pursuant to Article 6(1)(b) of Council Regulation 
(EC) No 139/20041 and Article 57 of the Agreement on the European 
Economic Area2  
Dear Sir or Madam,  
1. On 4 April 2022 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which Macquarie 
Green Investment Group Renewable Energy Fund 2 and Macquarie Global 
Infrastructure Fund, ult imately controlled by Macquarie Group Limited (Macquarie, 
UK),  and British Columbia Investment Management Corporation (BCI, Canada),  will 
acquire within the meaning of Article 3(1)(b)  of the Merger Regulation joint control 
over Reden Holding and Reden Hold ing 2020 ( Target, France) by way of purchase of 
shares .3 
                                                 
1 OJ L 24, 29.1.2004, p. 1 ( the ‘Merger Regulation ’). With effect from 1 December 2009,  the Treaty on 
the Functioning of the European Union ( ‘TFEU’) has introduced certain changes, such as the 
replacement of ‘Community ’ by ‘Union’ and ‘common market ’ by ‘internal market ’. The terminology 
of the TFEU will be used throughout this decision.  
2  OJ L 1, 3.1.1994, p . 3 (the ‘EEA Agreement ’). 
3  Publication in the Official Journal of the European Union No C 160, 13.4.2022 , p. 106. 

2 2. The business activities of the undertakings concerned  are the following : 
 Macquarie is a global investment bank and financial services provider covering 
resources and commodities, green energy, conventional energy, financial 
institutions, infrastructure and real estate , 
 BCI is an agent of the Government of British Columbia in Canada, which invests 
on behalf of public sector clients in British Columbia and helps finance the 
retirement benefits of approx. 690,000 plan members, as well as insurance and 
benefit funds that cover 2.5 million workers in British Columbia,  
 The Target develops, finances, builds and operates solar photovoltaic power 
plants in Europe, in particular, in France, Greece, Italy, Portugal and Spain, and in 
Latin America . 
3. After examination of the notification, the European Commission has concluded that 
the notified operation falls within the scope of the Merger  Regulation  and of 
paragraph 5 (c) of the Commission  Notice on a simplifie d procedure for treatment of 
certain concentrations under Council Regulation (EC) No 139/2004 .4 
4. For the reasons set out in the Notice on a simplified procedure, the European 
Commission has decided not to oppose the notified operation and to declare it 
comp atible with the internal market and with the EEA Agreement. This decision is 
adopted in application of Article 6(1)(b) of the Merger  Regulation  and Article 57 of 
the EEA Agreement . 
For the Commission  
 
 
(Signed)  
Olivier GUERSENT  
Director -General  
                                                 
4  OJ C 366, 14.12.2013, p. 5 .