ENGIE and Crédit Agricole Assurances increase their investments in on-shore wind and solar power in France
ENGIE, France’s market leader in on-shore wind and solar power plants with 2.6 GW installed at the end of 2017, and Crédit Agricole Assurances, France’s leading insurance company, have just signed a new agreement allowing their joint venture « FEIH » (Futures Energies Investissements Holding) to acquire nearly 500 MW of on-shore wind and solar power plants by the end of 2018. These renewable power plants have been developed and built by ENGIE.
Created in 2013 with a first acquisition of 440 MW on-shore wind farms, the joint venture FEIH held by ENGIE and Crédit Agricole Assurances will operate more than 1.3 GW of on-shore wind and solar power plants by the end of 2018 and will have tripled its portfolio in 5 years.
Thus, ENGIE strengthens a strategic partnership which opens new perspectives in terms of development in the field of the energy transition, while allowing to limit capital expenditure and net debt.
"This new deal confirms the solidity and sustainability of our collaboration with Crédit Agricole Assurances. ENGIE’s ambition is to reach, by 2021, 3 GW installed capacity of on-shore wind farms and 2.2 GW of solar photovoltaic power plants. This partnership will be most valuable to achieve this goal", states Gwenaëlle Huet, Chief Executive Officer of ENGIE France Renewable Energy.
France’s leading insurance company Crédit Agricole Assurances expands its long-term institutional investor strategy in the field of renewable energy."Thanks to this major transaction with our partner ENGIE, Crédit Agricole Assurances strengthens its presence in the field of infrastructures and energy transition, in which our Groupe has become a key investor in France", states Jean-Jacques Duchamp, Deputy Managing Director of Crédit Agricole Assurances.
Management of the participation of Crédit Agricole Assurances in this 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 proud to support Crédit Agricole Assurances in this new step of energy transition in our country"
ENGIE is committed to taking on the major challenges of the energy revolution, towards a world more decarbonised, decentralised and digitalised. The Group aims to become the leader of this new energy world by focusing on three key activities for the future: low carbon generation in particular from natural gas and renewable energy, energy infrastructure and efficient solutions adapted to all its customers (individuals, businesses, territories, etc.). Innovation, digital solutions and customer satisfaction are the guiding principles of ENGIE’s development. ENGIE is active in around 70 countries, employs 150,000 people worldwide and achieved revenues of €66.6 billion in 2016. The Group is listed on the Paris and Brussels stock exchanges (ENGI) and is represented in the main financial indices (CAC 40, BEL 20, DJ Euro Stoxx 50, Euronext 100, FTSE Eurotop 100, MSCI Europe) and non-financial indices (DJSI World, DJSI Europe and Euronext Vigeo Eiris - World 120, Eurozone 120, Europe 120, France 20, CAC 40 Governance).
Crédit Agricole Assurances, the leading insurer in France, brings together Crédit Agricole's insurance subsidiaries. The group offers a range of products and services in savings, retirement, health, welfare and goods insurance. They are distributed by Crédit Agricole Group banks in France and in 9 countries around the world, by wealth management advisors and general agents. Crédit Agricole Assurances companies are aimed at individuals, professionals, farmers and businesses. Crédit Agricole Assurances has 4,200 employees. Its turnover at the end of 2016 amounted to 30.8 billion euros (IFRS standards).
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Omnes Capital is a major player in private equity and infrastructure. With €3.6 billion in assets under management, it brings businesses the capital needed to finance their growth through its three main business segments: Venture Capital, Buyout and Growth Capital, and Infrastructure.
Omnes Capital is a pioneer in the energy transition, having launched its first fund, Capenergie, in 2006. The company has since made 35 investments in renewable energies in France and Europe for a total production capacity of 1.5 GW. In 2016, Omnes Capital launched Construction Energie Plus, the first French fund entirely focused on the construction of high-environmental-performance buildings.
Omnes Capital was a subsidiary of Crédit Agricole until March 2012. The company is now wholly owned by its employees. Omnes Capital is a signatory to the United Nations Principles for Responsible Investment (PRI).