Announced
Financials
Tags
Friendly
Majority
Portugal
hydroelectric
Pending
Private
Alternative Fuels
Acquisition
Single Bidder
Cross Border
Private Equity
Synopsis
ENGIE, together with its consortium partners Crédit Agricole Assurances and Mirova, an affiliate of Natixis Investment Managers, has won a competitive process conducted by EDP for the acquisition of Portugal’s second largest hydroelectric portfolio, for an enterprise value and consideration of €2.2bn. The hydroelectric portfolio has a generation capacity of 1.7 GW with a weighted average remaining concession term of 45 years, and includes three newly commissioned pump storage units along with three recently repowered run-of-river plants. “Our increased focus on providing clients with 100% renewable power tailored to their needs will enable ENGIE to be the leader of the zero carbon transition. This transaction accelerates the implementation of ENGIE’s strategy. Our target to add 9 GW renewables over the period 2019 – 2021 is confirmed and this acquisition comes on top of it," Isabelle Kocher, ENGIE CEO.
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