ENGIE and partners French insurance company Crédit Agricole Assurances and Mirova have won a €2.2 billion tender issued by global energy company Energias de Portugal (EDP).
ENGIE and partners have acquired a portfolio of 1.7GW of hydroelectric energy, the second largest hydroelectric portfolio in Portugal.
The portfolio includes three pumping-storage systems recently commissioned as well as three recently renovated run-of-river plants.
ENGIE will be in charge of the operation and management of the hydroelectric portfolio and will also provide energy management services. ENGIE has a current global hydroelectric capacity of 20GW and is the second-largest engineering company in the world for hydroelectric projects.
Thanks to this transaction, ENGIE will be able to offer its customers green as consumed electricity purchase contracts.
ENGIE owns 40% of the consortium, while Crédit Agricole Assurances and Mirova, via managed funds, hold 35% and 25% respectively. The closing of the transaction is expected in the second half of 2020.
Isabelle Kocher, Managing Director of ENGIE, said: “This transaction accelerates the implementation of ENGIE’s strategy of being the leader in the zero-carbon transition, by placing more emphasis on supplying our customers 100% renewable energy adapted to their needs. Our objective to add 9 GW of renewable energy over the period 2019 – 2021 is confirmed and this acquisition is added to it.”