Engie, Credit Agricole Assurances to Acquire Spain's Eolia Renovables
November 11 2021 - 2:37AM
Dow Jones News
By Giulia Petroni
Engie SA and Credit Agricole SA's insurance arm have reached an
agreement to acquire a 97.33% stake in Spanish renewable-power
producer Eolia Renovables from Canada's Alberta Investment
Management Corp.
The French utility company on Thursday said that the transaction
includes ownership and operation of 899 megawatts of operating
assets in onshore wind and photovoltaic, as well as a 1.2 gigawatt
pipeline of renewable projects.
Engie will own 40% of the operating assets and develop and build
the pipeline projects.
The acquired assets benefit from a regulated scheme that ensures
predictability of returns over the next decade, according to the
company.
The deal should be completed in the first quarter of 2022,
subject to conditions including merger control clearance from the
relevant competition authorities.
Financial details weren't disclosed.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
November 11, 2021 03:22 ET (08:22 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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