Home Business & Finance ENGIE announces the completion of asset sales in the US and Asia
ENGIE announces the completion of asset sales in the US and Asia

ENGIE announces the completion of asset sales in the US and Asia

29
0

ENGIE is continuing to implement its transformation plan aimed at redesigning and simplifying its portfolio of activities, including the completion of the divestitures announced in the United States, India and Indonesia. Since the announcement of the plan of asset rotation in February 2016, ENGIE has signed sales of 50% of its target of 15 billion euros for the period 2016-2018 of which 6.9 billion finalized to date .

Reduce exposure to commodity prices

In the US, Engie successfully closed the sale of 8.7 GW [1] thermal assets (8.0 GW to 0.7 GW gas and coal), transferred to a joint venture between Dynegy and ECP , For a value of $ 3.3 billion. This generates a reduction of EUR 3 billion [2] Of ENGIE’s consolidated net debt. In North America, ENGIE is expanding its predominantly contracted electricity generation business, energy efficiency services (via Cofely, Ecova, OpTerra and Green Charge Networks), retail electricity sales, retail LNG and LNG infrastructure, including its involvement in the Cameron LNG liquefaction project currently under construction.

Reducing the carbon footprint

Engie also completed the sale of its interests in Meenakshi and Paiton , respectively in September 2016 and December 2016, two coal power plants in India and Indonesia, representing a generating capacity of 3 GW [3] . At the same time, ENGIE’s consolidated net debt is reduced by € 1.5 billion. The participation of Engie 40.5% in the power plant Paiton (2 GW 1 ) Indonesia was sold to Nebras Power QSC ( “Nebras”) and some (s) shareholder (s) present (s) Paiton . The entire interest of Engie in Meenakshi (0.3 GW installed, 0.7 GW under construction) was sold to India Power Corporation Limited ( “IPCL”), a company listed on the National Stock Exchange (NSE) in India . These operations are in line with the Group’s ambition to reduce its exposure to business merchant , while reducing its total installed capacity from coal. These three operations represent 20% of total installed capacity of electricity production from coal Engie [4] .

Anand Gupta Editor - EQ Int'l Media Network

LEAVE YOUR COMMENT

Your email address will not be published. Required fields are marked *

Open chat