ENGIE makes further progress on execution of strategic plan with sale of 11.5% of GRTgaz to Caisse des Dépôts and CNP Assurances

By Engie - 30 July 2021 - 08:00

ENGIE makes further progress on the execution of its strategic plan towards rebalancing exposure from French gas networks towards renewables and other infrastructure assets.

ENGIE, Caisse des Dépôts and CNP Assurances have signed a binding agreement for the sale of a 11.5% ENGIE stake in GRTgaz SA (“GRTgaz”) to Caisse des Dépôts and CNP Assurances. GRTgaz owns and operates the largest French gas transmission network and is currently owned c. 75% by ENGIE and c. 25% by Caisse des Dépôts and CNP Assurances (which also own 17.8% of Elengy[1], with the remainder owned by GRTgaz).


This agreement values the GRTgaz group's total equity at €9.75 billion for an enterprise value of €14.6 billion, implying a valuation to RAB[2] of 148%, and highlights the role of gas networks in France as key enablers of the energy transition. Along with a strong focus on safe and affordable gas transport, GRTgaz is innovating and adapting its network and facilities to increase the use of renewable gases in the system and is supporting various activities linked to the development of renewable gases : methanisation, pyro-gasification, hydrothermal gasification and hydrogen.


This partial reduction in ENGIE’s holding will be accompanied by a simplification of the GRTgaz group structure which will lead to GRTgaz owning 100% of Elengy, up from currently c. 82%. As a result upon completion, ENGIE and Caisse des Dépôts with CNP Assurances will hold c. 61% and c. 39% of GRTgaz respectively. 


ENGIE will continue to consolidate GRTgaz in its accounts and this transaction will reduce ENGIE’s net financial debt by EUR 1.1 billion. The transaction is expected to be completed before 31 December 2021, subject to the usual approvals and authorizations.


Catherine MacGregor, ENGIE CEO, declared: “Today’s agreement marks further progress in the execution of the strategic plan we presented in May, and it strengthens the longstanding relationship ENGIE has with Caisse des Dépôts and CNP Assurances. It also demonstrates our shared vision of the value and the essential role of gas to reach “Net Zero” whithin a balanced, affordable, and resilient energy mix.”




  1. ^ [1] Subsidiary of GRTgaz that operates the LNG terminals of Fos-Cavaou, Fos-Tonkin and Montoir-de-Bretagne in France
  2. ^ [2] based on a RAB (Regulated Asset Base) of €9.9bn (€9.0bn for GRTgaz incl. its German affiliate and €0.9bn for its affiliate Elengy, as at 01/01/2021)

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