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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.

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The acquisition falls under efforts by ENGIE and its partners to invest in renewable energy projects and the energy transition.

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.”