GDF Suez sells renewables assets in CanadaSouce:Xinhua Publish By Jane B. Hatcher Updated 18/12/2012 6:04 am in Business / no comments
PARIS, Dec. 17 — GDF Suez, French leading utility company, has decided on Monday to sell its renewable energy business in Canada to the Japanese Mitsui & Co. Ltd. and a consortium led by Canada’s Fiera Axium Infrastructure Inc.
In a statement posted on its website, the French group said to offer 60 percent of equity interest in its 680MW Canadian renewable generation portfolio, with an enterprise value in excess 1.5 billion euros (1.97 billion U.S. dollars).”
As GDF Suez remained the major shareholder with 40 percent of the portfolio interest, the group will continue to operate the assets that include 363MW of operating wind facilities, and a further 317MW of wind and solar capacity expected to start commercial operation between 2013 and 2014, it added.
“… This transaction represents an excellent example of monetizing value created through our investments, alongside retaining the upside from future renewable developments and from our operations and maintenance experience,” said Gerard Mestrallet, GDF Suez Chairman.
Thanks to the transaction, the French utility group targets to reduce its net debt by about 1 billion euros as part of 5-billion-euro asset optimization plan in 2012. (1 euro = 1.315 U.S. dollar)