33 °C Singapore, SG
October 27, 2021
Latest News
Analysis: Nine key moments that changed China’s mind about climate change Espinosa Warns of ‘Catastrophic’ Consequences if COP 26 Fails Rolls-Royce successfully carries out test flight on 100% SAF Shanghai Electric unveils 11MW offshore wind turbine GE’s mobile solution picked for Australian power project India: Are we ready to implement energy transition initiatives? Climate Finance Faces $75-Billion Gap as COP 26 Looms China to End International Coal Financing after ‘Profoundly Important’ UN Statement Steelanol plant gears up for bioethanol production next year MingYang Launches World’s Largest Offshore Hybrid Drive Wind Turbine RWE eyes Japanese floating offshore wind with Kansai Electric Power India expanding investments in renewables after 2020 decline Shipping power in batteries from offshore wind farms Blockchain for solar panel recycling in Japan Southeast Asia pins hopes on carbon capture to cut emissions Delivery Hero sustainability chief: we need to decouple ‘hyper’ business growth from carbon emissions In-depth Q&A: The IPCC’s sixth assessment report on climate science Distillery buys two biogas engines that will boost bioethanol production GE H-Class turbines help power plant operators with renewable energy transition GE Gas Turbine upgrade assists Keppel Infrastructure’s carbon abatement goals BlackRock Real Assets to back Korean offshore wind farm project CIP to sell minority stake in Taiwanese offshore wind cluster Nearly 76 Gigawatt-Hours of Battery Cells Produced in U.S.A 2010–2020 Melting tropical glaciers sound an early warning Enhanced cooperation on renewable energy transition between International Renewable Energy Agency and China Decarbonising industry is key to China’s net-zero strategy Carbon Brief’s China weekly digest. Rising seas could cost Asia’s biggest cities US$724 billion by 2030 Electric Vehicle Growth is Accelerating but its Given Rise to a New Social Faux Pas Southeast Asia PR industry launches working group to curb greenwashing

Engie to acquire Renvico from Macquarie Infrastructure and Real Assets

Engie has signed an agreement to acquire Renvico from Macquarie Infrastructure and Real Assets (MIRA), through the Macquarie European Infrastructure Fund 4.

With 142MW of installed onshore wind capacity in Italy, Renvico owns a 50% interest in a joint venture (JV) with KKR in France that represents another 187MW of onshore wind capacity. The acquisition will enable Engie to strengthen its growth in wind energy in both countries.

As part of the agreement, KKR and its co-investors have also agreed to divest their combined 50% interest to Engie. Renvico has further plans to develop a greenfield portfolio of 300MW.

Engie Renewable Energy executive vice-president Gwenaëlle Avice-Huet said: “This acquisition will contribute to Engie’s growth ambitions, adding 9GW worldwide by 2021, of which 3GW in Europe.

“In France, this transaction will allow Engie to strengthen its onshore wind leadership, with a 2.1GW installed capacity at the end of 2018.”

By doubling its onshore wind installed capacity in Italy, the company aims to reach more than 300MW. It already supplies 100% green electricity for 2.9 million clients and one million clients in France and Italy respectively.

Avice-Huet further added: “This new portfolio brings also an additional 300MW capacity to be developed. It’s a corner stone of our ambition to accelerate the zero carbon transition of our clients.”

The closing of the acquisition is subject to antitrust and foreign investment clearances.

In a separate development, Engie and its consortium partners have opened the 262.5MW Ras Ghareb windfarm in Egypt.

The Ras Ghareb project was worth about $380m and started commercial operation in October 2019 and was tendered on a build-own-operate (BOO) scheme in the country.

Engie owns the project company Ras Ghareb Wind Energy with a 40% stake. The consortium partners are Toyota Tsusho/Eurus Energy Holdings (40%) and Orascom Construction (20%).

Source