ENGIE announces today the signing of a Sale Purchase Agreement with Taiwanese company TCC for its 60.5% stake in ENGIE EPS SA, a leading provider and system integrator in storage and e-Mobility solutions.
TCC is a large diversified industrial group with activities in battery manufacturing.
This disposal follows ENGIE’s decision in September 2020 to assess strategic options for ENGIE EPS SA and will contribute to ENGIE’s ongoing Group simplification program. This transaction will reduce the Group’s financial net debt by c. Euro 165 million and generate a capital gain of c. Euro 80 million.
ENGIE firmly believes that combining storage solutions with renewable energy production is key in the carbon neutrality journey. The Group has decided to focus on its expertise as an asset developer, owner and solutions integrator, rather than directly owning and developing power storage technologies.
Following this disposal, which is subject to customary approvals and regulatory consent, ENGIE will pursue commercial partnerships with ENGIE EPS SA and other key storage solution providers on the market.
Catherine MacGregor, ENGIE CEO, said: “The sale of ENGIE’s stake in ENGIE EPS SA is in line with the Group’s strategy to simplify its activities and focus on core businesses. This transaction is part of our enhanced disposal plan announced in July 2020.”