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ENGIE, Crédit Agricole JV to acquire 500 MW of renewables projects in 2018

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ENGIE, Crédit Agricole JV to acquire 500 MW of renewables projects in 2018

ENGIE SA and Crédit Agricole Assurances agreed to increase their investments in their joint venture to acquire approximately 500 MW of onshore wind and solar power plants in 2018, the French companies said in a Dec. 22 news release.

The joint venture, Futures Energies Investissements Holding, expects to operate more than 1.3 GW of renewable energy projects by the end of 2018 in France, after both the companies agreed to increase their investments in the renewable energy sector. The projects under consideration are all developed and constructed by ENGIE. Futures Energies aims to increase its portfolio threefold in a five-year period.

"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," ENGIE France Renewable Energy CEO Gwenaëlle Huet said in a statement.