Engie and Credit Agricole Sign Agreement on Existing Joint Venture

By Anthony ShevlinFeaturesDow Jones Newswires

Engie SA (ENGI.FR) and Credit Agricole SA (ACA.FR) have signed a new agreement to allow their joint venture Futures Energies Investissements Holding to acquire nearly 500 megawatts of onshore wind and solar power plants by the end of 2018.

In a statement on Friday, Engie said that it will have developed and built these renewable power plants itself. The French company added that the JV will have tripled its portfolio in five years following the agreement.

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The FEIH JV was created in 2013 with a first acquisition of 440 of megawatts onshore wind farms.

Management of the participation of Credit Agricole in this partnership has been delegated to Omnes Capital, France's market leader in private equity dedicated to energy transition.

Write to Anthony Shevlin at anthony.shevlin@dowjones.com

(END) Dow Jones Newswires

December 22, 2017 04:51 ET (09:51 GMT)