Engie moves 267-MW wind portfolio to Credit Agricole JV

French utility Engie SA (EPA:ENGI) today announced an agreement under which it will transfer 267 MW of onshore wind farms in France to its joint venture with French insurance company Credit Agricole Assurances.

This is the portfolio operated by Maia Eolis, which was fully acquired by Engie in 2016.

Engie's joint venture with Credit Agricole Assurances, called FEIH, now operates 810 MW of onshore wind capacity in France. The utility said that since its creation in 2013, the partnership has allowed Engie to cut its net debt by about EUR 400 million (USD 418m) and continue to develop its wind energy presence. According to the announcement, Engie had more than 1,700 MW of installed onshore wind capacity at the end of 2016.

"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," said Gwenaelle Huet, Engie chief executive officer France Renewable.

(EUR 1.0 = USD 1.045)

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