ENGIE and Crédit Agricole Assurances announced that they have reached an agreement to acquire from Canadian institutional investment manager, Alberta Investment Management Corporation, a 97.33% stake of Eolia Renovables, one of the largest renewable power producers in Spain.
The transaction covers the ownership and operation of 899 MW of operating assets (821 MW onshore wind and 78 MW photovoltaic) and a 1.2 GW pipeline of renewable projects.
This acquisition will allow ENGIE to boost its presence in the fast-growing Spanish renewables market and enable the Group to accelerate its growth in the sector and reach its target of 50 GW of renewable capacity by 2025.
Fully in line with Crédit Agricole Group’s commitments in favor of the climate, Crédit Agricole Assurances is continuing its commitment to a low-carbon economy through its investments in the energy transition. This acquisition will contribute to its objective of doubling its investments in renewable energies to enable, over time, an installed capacity of 11 GW, i.e. the average energy consumption of four million households per year.
Catherine MacGregor, ENGIE CEO, said “This acquisition of Eolia Renovables, one of the largest renewable players in Spain, is fully in line with our strategy which is to accelerate our investments in Renewables in our key markets while bringing our industrial and energy management expertise. The transaction will also allow the Group to support Spain in reaching its ambitious renewables and decarbonization goals.”
Completion of the transaction is expected by Q1 2022, subject to the fulfillment of certain conditions including merger control clearance from relevant competition authorities.