ENGIE, France’s market leader in onshore wind with installed capacity above 1,700 MW at the end of 2016, 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.
The presence of a top-ranking investor partner like Crédit Agricole Assurances will enable ENGIE to continue pursuing its ambitious objectives in terms of industrial growth and balance sheet optimization, while also further developing its strong regional footing.
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 to reduce its net debt by around €400 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.
With this partnership, Crédit Agricole Assurances - France’s leading insurance company - continues to pursue its long-term institutional investor strategy, illustrated by the financing of large-scale projects that contribute to the transition to new energy sources. “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,” states Jean-Jacques Duchamp, Deputy Managing Director of Crédit Agricole Assurances. Management of the partnership has been delegated to Omnes Capital, France’s market leader in private equity dedicated to the energy transition. Serge Savasta, Managing Partner at Omnes Capital comments: “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.”
ENGIE develops its businesses (power, natural gas, energy services) around a model based on responsible growth to take on the major challenges of energy’s transition to a low-carbon economy: access to sustainable energy, climate-change mitigation and adaptation and the rational use of resources. The Group provides individuals, cities and businesses with highly efficient and innovative solutions largely based on its expertise in four key sectors: renewable energy, energy efficiency, liquefied natural gas and digital technology. ENGIE employs 154,950 people worldwide and achieved revenues of € 69.9 billion in 2015. The Group is listed on the Paris and Brussels stock exchanges (ENGI) and is represented in the main international indices: CAC 40, BEL 20, DJ Euro Stoxx 50, Euronext 100, FTSE Eurotop 100, MSCI Europe, DJSI World, DJSI Europe and Euronext Vigeo (Eurozone 120, Europe 120 and France 20).
About Crédit Agricole Assurances
Crédit Agricole Assurances, first insurer group in France, unites Crédit Agricole's insurance subsidiaries. The Group offers a range of savings, retirement, health, personal risk and property insurance products and services. They are distributed by the Crédit Agricole Group's banks in France and in 10 other countries around the world by financial advisors and multi-line insurance agents. The Crédit Agricole Assurances companies serve individuals, professionals, farmers and businesses. Crédit Agricole Assurances has 4,000 staff, with €30.4 billion in revenues (IFRS standards) at end-2015.
About Omnes Capital
Omnes Capital is a major player in private equity and infrastructure. With €3 billion in assets under management, Omnes capital provides companies with the capital needed to finance their growth and with key expertise in a number of areas: Buyout & Growth Capital, Private Debt, Venture Capital, Infrastructure, Co-Investment. Omnes Capital is a frontrunner in the field of energy transition, having launched its first Capenergie fund in 2006. Since then, the company has made more than 35 investments in France and Europe in renewable energy projects corresponding to generation capacity of 1.5 GW. In 2016, Omnes Capital launched Construction Energie Plus, the first French fund dedicated to the construction of high energy and environmental performance buildings. Omnes Capital was a subsidiary of Crédit Agricole until March 2012. The firm is now owned by its employees. Omnes Capital is a signatory to the United Nations Principles for Responsible Investment (PRI).