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Crédit Agricole: buys Eolia Renovables alongside Engie

(CercleFinance.com) - Engie and Crédit Agricole Assurances announce that they have reached an agreement to acquire almost all (97.
33%) of Eolia Renovables, one of the largest renewable electricity producers in Spain, from Alberta Investment Management Corporation.

"The transaction covers the ownership and operation of 899 MW of operating assets (821 MW onshore wind and 78 MW photovoltaic) and a 1.2 GW pipeline of renewable projects," the companies said.

Operating assets will be 40%-owned by Engie and 60%-owned by CA Assurances, while Engie will develop and build the project pipeline. The transaction will increase Engie's financial debt of by 0.4 billion euros.

In early trading today, Engie shares are up over 2.5% - steaming ahead in the CAC 40 - while Crédit Agricole shares are up over 0.5%.

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