ENGIE and Crédit Agricole Assurances have reached an agreement to acquire Eolia Renovables, one of the largest renewable power producers in Spain. 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.

This acquisition will allow ENGIE to boost its presence in the fast-growing Spanish renewables market, where the country’s National Energy Climate Plan boasts one of the most ambitious targets in Europe (32 per cent of renewable consumption by 2030).

The acquisition is from current owners Canadian institutional investment manager, Alberta Investment Management Corporation, and the operating assets will be 40 per cent owned by ENGIE and 60 per cent by Crédit Agricole Assurances while ENGIE will develop and build the pipeline of projects.

Catherine MacGregor, ENGIE CEO, said: “This acquisition of Eolia Renovables, one of the largest renewable players in Spain, is fully in line with our strategy which is to accelerate our investments in renewables in our key markets while bringing our industrial and energy management expertise. The transaction will also allow the Group to support Spain in reaching its ambitious renewables and decarbonisation goals.”

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