ENGIE and Crédit Agricole reaches deal for 97.33% stakes in Eolia Renovables

ENGIE and Crédit Agricole Assurances reached an agreement with the Canadian institutional investment manager, Alberta Investment Management Corporation, to acquire a 97.33% stake in Eolia Renovables, a renewable power producer in Spain.

Eolia is a leading independent power producer in the Spanish renewable energy sector, engaged in the development, construction, and operation of wind farms and solar photovoltaic plants. The company manages an 899 MW portfolio of renewable energy assets with long-term contracted revenues and has maintained a renewable project pipeline of 1.2 GW in Spain.

Operating assets will be 40% owned by ENGIE and 60% by Crédit Agricole Assurances while ENGIE will develop and build the pipeline of projects. ENGIE will provide a complete range of services (O&M, Asset Management, Energy Management, and Development services) for the full asset scope. 

The value of the transaction was not disclosed, but it could amount to EUR2 billion (US$2.29 billion) in terms of enterprise value. AIMCo was advised by Cantor Fitzgerald and Linklaters. The deal is expected to close by the first quarter of 2021.