ENGIE and Crédit Agricole Assurances acquire one of the largest independent renewable power directors in Spain

ENGIE and Crédit Agricole Assurances acquire one of the largest independent renewable power directors in Spain

ENGIE and Crédit Agricole Assurances are pleased to advertise that they’ve reached an agreement to acquire from Canadian institutional investment director, Alberta Investment Management Corporation, a97.33 stake of Eolia Renovables, one of the largest renewable power directors in Spain. The sale covers the power and operation of 899 MW of operating means (821 MW onshore wind and 78 MW photovoltaic) and a1.2 GW channel of renewable systems.
This accession will allow ENGIE to boost its presence in the fast- growing Spanish renewables request and enable the Group to accelerate its growth in the sector and reach its target of 50 GW of renewable capacity by 2025.

The country’s National Energy Climate Plan, one of the most ambitious in Europe, targets 32 of renewable consumption by 2030 ( compared to 20 in 2020) with 55 GW of fresh renewable capacity planned and full decarbonization of the electricity sector by 2050.
Completely in line with Crédit Agricole Group’s commitments in favor of the climate, Crédit Agricole Assurances is continuing its commitment to a low- carbon frugality through its investments in the energy transition. This accession will contribute to its ideal of doubling its investments in renewable powers to enable, over time, an installed capacity of 11 GW, i.e. the average energy consumption of four million homes per time.

In addition to ENGIE’s current2.9 GW renewables portfolio in Iberia which includes the1.7 GW hydroelectric portfolio the Group acquired from EDP in Portugal in 2020, this deal is another major step. It supports ENGIE’s ambition towards creating an intertwined renewables platform in Iberia with reciprocal technologies while consolidating its being cooperation with Crédit Agricole Assurances.
Operating Means will be 40 possessed by ENGIE and 60 by Crédit Agricole Assurances while ENGIE will develop and make the channel of systems. ENGIE will give a complete range of services ( O&M, Asset Management, Energy Management and Development services) for the full asset compass. Thanks to this accession, ENGIE will contribute to avoiding tons of CO2 emigrations each time, a figure set to increase through farther development of wind and solar means, allowing ENGIE to support its commitment towards the terrain.

The acquired means profit from a regulated scheme icing pungency of returns for the coming ten times. The deal will have a€0.4 billion net fiscal debt impact for ENGIE.
Catherine MacGregor, ENGIE CEO, said “ This accession of Eolia Renovables, one of the largest renewable players in Spain, is completely in line with our strategy which is to accelerate our investments in Renewables in our crucial requests while bringing our artificial and energy operation moxie. The sale will also allow the Group to support Spain in reaching its ambitious renewables and decarbonization pretensions.”

Philippe Dumont, Crédit Agricole Assurances CEO, said “ This new investment alongside our mate ENGIE will help Crédit Agricole Assurances to strengthen its presence in the energy transition. This accession is a new step further in our commitment to helping fight climate change, contributing to our ideal to double our investments in renewable powers and reach a 11 GW installed capacity by 2025.”
Completion of the sale is anticipated by Q1 2022, subject to the fulfillment of certain conditions including junction control concurrence from applicable competition authorities.