Enriched by the sale of Equans, Engie invests in green energy
Batirama.com 11 / 11 / 20210
Credit Agricole Insurance and Engie have acquired the solar and wind energy group Eolia removable, one of the largest producers of renewable energy in Spain.
The insurance group and the French gas company have acquired "97.33% of Eolia's removable shares" from the Canadian Alberta Investment Management Corportation fund, according to a press release. 60% of the operational assets will be owned by Credit Agricole assurances and 40% by Engie, which will be responsible for "developing and building" a "pipeline of projects".
The operation will enable Engie, in the midst of the transition to green energy, to "achieve its target of 50 GW of renewable capacity by 2025", says the press release. In 2020, Engie had already invested in renewables in the Iberian Peninsula by acquiring a hydroelectric portfolio of 1,7 GW in Portugal from EDP.
The former public service monopoly has also just completed a giant operation in France, divested 40% of its business with the Bouygues group, which bought its Equans services subsidiary for €7.1 billion. This leaves it with a great deal to invest in green energy, its new priorities.
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— Diana Sun Jul 10 22:37:51 +0000 2011
Supporting Spain in pursuing its sustainable development goals
The acquisition of Eolia removable will enable Engie "to support Spain in the pursuit of its ambitious renewable energy and decarbonation targets", said Engie CEO Catherine MacGregor.
The Spanish National Energy and Climate Plan, "one of the most ambitious in Europe, aims to achieve 32% renewable energy consumption by 2030 (compared to 20% in 2020), the commissioning of 55 GW of additional renewable capacity and decarbonation of the entire electricity sector by 2050," says Engie.
Doubling of investment in ENR for Crédit agricole assurances
"this acquisition is a new step in our commitment to the fight against climate change," noted Philippe Dumont, Managing Director of Credit Agricole assurances. "it also contributes to our goal of doubling our investments in renewable energy to an installed capacity of 11 GW by 2025," he added. That is the average energy consumption of four million households per year.
The finalisation of the transaction is expected to take place "in the first quarter of 2022", subject to obtaining the necessary authorisations, including from the competition authorities. On the Paris stock exchange, Engie earned 2.24% on Thursday morning at 13.4 euros. Credit Agricole SA earned 0.9% to 12.9 euros on a stable market (+ 0.1%).
Source: eprints.undip.ac.id
