ENGIE acquires majority stake in Spanish Eolia Renovables
The transaction covers the ownership and operation of 899 MW of operating assets.
This acquisition will allow ENGIE to boost its presence in the fast-growing Spanish renewables market.
ENGIE and Crédit Agricole Assuances 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.
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 additional renewable capacity planned and full decarbonization of the electricity sector by 2050.
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.
In addition to ENGIE’s current 2.9 GW renewables portfolio in Iberia which includes the 1.7 GW hydroelectric portfolio the Group acquired from EDP in Portugal in 2020, this deal is another major step.