The group also will invest 11 to 12 billion euros over the 2019-2021 period, of which about 4 billion per year will be on general capital expenditure and smaller bolt-on acquisitions
PARIS: French gas and power utility Engie will exit from about 20 countries in the next three years and will target new markets in Southeast Asia and Africa as it focuses investments on renewable energy, energy services and infrastructure.
Chief executive Isabelle Kocher said on a call with reporters that in the next three years, Engie will sell another 6 billion euros ($6.8 billion) worth of assets, after selling some 14 billion worth of mainly coal-related assets in the past three years.
The group also will invest 11 to 12 billion euros over the 2019-2021 period, of which about 4 billion per year will be on general capital expenditure and smaller bolt-on acquisitions.
The investment programme will allocate 4-5 billion to client solutions businesses and 2.3-2.8 billion euros to renewables, in order to finance about 9 gigawatt of new capacity. Another 3-3.3 billion will be allocated to grids.
In 2018, Engie revenue rose 1.7 percent to 60.6 billion euros and core earnings edged up 0.4 percent to 9.2 billion, but net profit fell to 1.0 billion from 1.3 billion in 2017.
Source: reuters
