The French company Engie continues with its commitment to renewables in Spain: it buys Eolia Renovables together with Crédit Agricole

Eolia is one of the largest producers of renewable energy in Spain with 899 active MW (821 MW onshore wind and 78 MW photovoltaic).

Engie and Crédit Agricole Assurances have reached an agreement with the Canadian fund AIMCo (Alberta Investment Management Corporation) to acquire its participation, greater than 97.33%, in Eolia Renovables, reported the French energy company, which will thus boost its presence in the Spanish renewable market.

Completion of the purchase operation is expected in the first quarter of 2022. And it is subject to the fulfillment of certain conditions, including merger control authorization from the relevant competition authorities.

Specifically, Eolia is one of the largest producers of renewable energy in Spain with 899 megawatts (MW) active (821 MW onshore wind and 78 MW photovoltaic) and a portfolio of renewable projects of 1.2 gigawatts (GW).

Thus, the purchase of Eolia helps the Engie group in a key way to achieve its objective of reaching the 50 GW of new green capacity in the 2022-2025 period.

For its part, the Crédit Agricole Group continues with this operation, strengthening its commitments in favor of the climate and for a low-carbon economy, with investments in the energy transition. This acquisition will contribute to its objective of doubling its investments in renewable energy to allow, over time, an installed capacity of 11 GW, that is, the average energy consumption of four million homes per year.

In addition to the current renewable energy portfolio of 2.9 GW of Engie in Iberia, which includes the hydroelectric portfolio of 1.7 GW that the group acquired from EDP in Portugal In 2020, the signed agreement allows the gala to take a new step towards the creation of an integrated renewable energy platform in Iberia with complementary technologies and a geographical extension that consolidates its partnership with Crédit Agricole.

Share of assets

Eolia’s assets will be owned in a 40% from Engie and 60% from Crédit AgricoleAssurances. The energy company will develop and build the project portfolio and provide a full range of services (O&M, Asset Management, Energy Management and other management services).

Additionally, this acquisition will allow Engie to avoid 726,000 tons of CO2 emissions each year, a figure that will increase through further development of new wind and solar assets, reinforcing the group’s commitment to the environment.

The acquired assets benefit from a regulated scheme that guarantees sustained financial performance for the next ten years. The agreement will have a net financial debt impact of 400 million euros for Engie.

The CEO of Engie, Catherine MacGregor, considered that the acquisition will allow the group “to further deploy its growth strategy in green energies and accelerate its investments in key markets while contributing our experience in industrial and energy management”. “In addition, Engie contributes to supporting Spain in achieving its ambitious goals for renewable energy and decarbonization,” he added.