ENGIE and Crédit Agricole Assurances increase their investments in on-shore wind and solar power in France
ENGIE, France’s market leader in on-shore wind and solar power plants with 2.6 GW installed at the end of 2017, and Crédit Agricole Assurances, France’s leading insurance company, have just signed a new agreement allowing their joint venture « FEIH » (Futures Energies Investissements Holding) to acquire nearly 500 MW of on-shore wind and solar power plants by the end of 2018. These renewable power plants have been developed and built by ENGIE.
Created in 2013 with a first acquisition of 440 MW on-shore wind farms, the joint venture FEIH held by ENGIE and Crédit Agricole Assurances will operate more than 1.3 GW of on-shore wind and solar power plants by the end of 2018 and will have tripled its portfolio in 5 years.
Thus, ENGIE strengthens a strategic partnership which opens new perspectives in terms of development in the field of the energy transition, while allowing to limit capital expenditure and net debt.
« This new deal confirms the solidity and sustainability of our collaboration with Crédit Agricole Assurances. ENGIE’s ambition is to reach, by 2021, 3 GW installed capacity of on-shore wind farms and 2.2 GW of solar photovoltaic power plants. This partnership will be most valuable to achieve this goal », states Gwenaëlle Huet, Chief Executive Officer of ENGIE France Renewable Energy.
France’s leading insurance company Crédit Agricole Assurances expands its long-term institutional investor strategy in the field of renewable energy.
« Thanks to this major transaction with our partner ENGIE, Crédit Agricole Assurances strengthens its presence in the field of infrastructures and energy transition, in which our Groupe has become a key investor in France », states Jean-Jacques Duchamp, Deputy Managing Director of Crédit Agricole Assurances.
Management of the participation of Crédit Agricole Assurances in this partnership has been delegated to Omnes Capital, France’s market leader in private equity dedicated to the energy transition.
Serge Savasta, Managing Partner at Omnes Capital, comments: « We are proud to support Crédit Agricole Assurances in this new step of energy transition in our country. »