PARIS: Heavily-indebted French energy group GDF Suez announced yesterday the sale of 60 percent of its renewable energy interests in Canada worth ¤1.5bn ($2bn) and the creation of a joint venture with the two buyers.
The sale will enable GDF Suez to reduce its net borrowings by about ¤1bn and to increase the money raised from a programme of asset sales to ¤3.9bn compared with a target of ¤5bn for this year, the company said in a statement.
The two buyers are the Japanese industrial conglomerate Mitsui & Co, and a consortium headed by Canadian fund Fiera Axium. Each of these two will have an interest of 30 percent.
The assets concerned are mainly wind-power generators and a few solar projects representing in total about 680 megawatts.
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