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France's Engie sells its coal-fired generation in Asia Pacific

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France's Engie sells its coal-fired generation in Asia Pacific

London — French utility Engie said Wednesday it was to sell its 69.1% interest inThailand-based power producer Glow Energy, as the company continues to reduceits global coal-fired capacity.

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"With the disposal of its interests in Glow, Engie will no longer operateany coal-fired assets in Asia-Pacific, and will reduce its global coal-firedgeneration installed capacity by 14%," Engie said.

Engie continues to run a 4.2 GW fleet in Asia-Pacific, mainly driven by gasassets and a growing capacity in renewables.

Glow Energy owns and operates production facilities across Thailand and Laos,with a total power generation capacity of 3.2 GW, comprising 1 GW of coal, 2GW of gas and 0.2 GW of renewable energy, according to Engie.

Engie's stake in Glow will be purchased by Thai independent power producerGlobal Power Synergy Public Company. The sale translates into net proceeds ofEur2.6 billion ($3.0 billion), according to Engie.

--Joseph Clarke, joseph.clarke@spglobal.com

--Edited by Dan Lalor, daniel.lalor@spglobal.com