French onshore wind specialist ENGIE has strengthened its partnership with Crédit Agricole Assurances by absorbing the onshore wind portfolio of MAÏA EOLIS, acquired in May 2016, into the two groups’ joint venture FEIH.
Under the agreement, the wind farms operated by MAÏA EOLIS – representing total installed capacity of 267 MW – will be transferred to FEIH, the joint venture established by ENGIE and Crédit Agricole Assurances. Since its creation in 2013, the partnership has allowed ENGIE, which had installed wind power capacity of over 1,700 MW at the end of 2016, to reduce its net debt by around EUR400 million and continue to develop its presence in wind energy while also limiting its capital expenditure. The joint venture now operates installed onshore wind power capacity of 810 MW in France.
“This deal strengthens the ambitious long-term strategic partnership initiated in 2013 between ENGIE and Crédit Agricole Assurances, the aim of which is to enlarge our shared portfolio of wind power assets in keeping with ENGIE’s ambitions of doubling its wind power capacity in France within the next five years,” states Gwenaëlle Huet, ENGIE Chief Executive Officer France Renewable.
“Thanks to this partnership, Crédit Agricole Assurances will bolster its presence in the infrastructure and renewable energy market, a sector in which the group acts as a major investor in France and across Europe,” says Jean-Jacques Duchamp, Deputy Managing Director of Crédit Agricole Assurances. Management of the partnership has been delegated to Omnes Capital, a French private equity firm dedicated to energy transition.
Serge Savasta, Managing Partner at Omnes Capital says: “We are very pleased to be supporting Crédit Agricole Assurances in the development of this partnership, which will reinforce the roll-out of renewable energy projects across France."