ENGIE and Société d'Infrastructures Gazières (SIG), an investment vehicle held by CNP Assurances and Caisse des Dépôts, have finalized the acquisition by SIG of an 11.5% stake in GRTgaz from ENGIE for €1.1 billion.
With this transaction, SIG, shareholder of GRTgaz since 2011 with a 25% stake, now owns about 39% of the company, ENGIE retaining the remaining 61%. This acquisition includes for SIG the sale of 17.8% in Elengy in exchange of new GRTgaz shares and simplifies the shareholding structure of GRTgaz, which holds 100% of Elengy following this transaction.
The completion of this transaction represents further progress for ENGIE in the execution of its strategic plan aiming at rebalancing its exposure from French gas networks towards renewables and other infrastructure assets, while continuing to fully consolidate GRTgaz.
The presence in the capital of major national infrastructures and the support in their adaptation to the challenges of the energy transition are at the heart of the strategic priorities of Caisse des Dépôts and CNP Assurances. This new investment in GRTgaz is fully in line with this mission and reaffirms the close relationship of Caisse des Dépôts group with ENGIE in this field.
For Catherine MacGregor, CEO of ENGIE: “We are pleased with the completion of this transaction, which represents another milestone in the execution of our strategic plan and strengthens a partnership of more than ten years with Caisse des Dépôts and CNP Assurances within GRTgaz. With this transaction, we are reaffirming our common vision of the value and the key role that gas, which will gradually decarbonize, plays in enabling an affordable and resilient energy transition.”
Eric Lombard, CEO of Caisse des Dépôts declared: “Thanks to this investment in GRTgaz, Caisse des Dépôts group reinforces its support for the development of a carbon-neutral gas mix, fully in line with the objectives of the Paris agreement. We are pleased by this transaction to further strengthen our ties with ENGIE in the sector of infrastructures essential to the energy transition, alongside other key partnerships such as CNR, the largest producer of hydroelectric energy in the country, or FEIH/FEIH2, the largest wind and solar platform in France.”
Stéphane Dedeyan, CEO of CNP Assurances, adds: “For CNP Assurances, this transaction marks the strengthening of a highly strategic partnership with ENGIE and alongside Caisse des Dépôts. Both suited to the profile expected by our policyholders and to the national challenges of the energy mix transition, this investment in GRTgaz also represents an opportunity to intensify efforts in favor of renewable gases and to participate in the development of green hydrogen over the next decades.”