L R AS Published on Monday 15 November 2021 - n° 382 - Categories:setting up abroad
Engie and Crédit Agricole Assurances acquire 97% of Spanish Eolia Renovables
Engie and Crédit Agricole Assurances acquire 97% of Eolia Renovables, one of the largest renewable energy producers in Spain. They obtain 899 MW in operation (821 MW of onshore wind and 78 MW of solar PV) and 1.2 GW of projects to be built.
Spain is aiming for 32% renewable energy consumption in 2030, up from 20% in 2020, and the commissioning of 55 GW of additional renewable capacity. The entire electricity sector is to be decarbonised by 2050.
Engie has a project portfolio of 2.9 GW in the Iberian Peninsula, including a 1.7 GW hydro asset in Portugal acquired in 2020. This acquisition creates an integrated renewable energy platform in the region by bringing complementary technologies
The operating assets will be owned 40% by Engie and 60% by Crédit Agricole Assurances. Engie will be responsible for developing and building the project portfolio. It will operate and maintain the projects, manage the assets and energy, and provide related services.
The deal is expected to close in the first quarter of 2022. According to Reuters, the deal is worth €2 billion.
Tecsol of 12 November 2021
