France-based energy company Engie has made another strategic move into the global solar market. The company has signed an agreement for a 30% equity investment through capital increase in Chinese solar developer Unisun Energy. The financial terms of the transaction were not revealed.
According to Engie, Unisun has installed approximately 500 MW of PV systems in China to date. Furthermore, Engie said that Unisun is targeting deployment of approximately 4 GW of PV capacity in China by 2030.
“This investment into UNISUN, which develops both production on wholesale electricity markets and projects for BtoB clients, represents for ENGIE the opportunity to step in the world’s biggest and most promising renewable power market. It demonstrates once again the ambition of ENGIE to be leader of the energy transition in the world,” said the COO of ENGIE China Charlotte Roule.
Unisun Energy Group is one of largest distributed power plant investors and clean power suppliers in China, focusing on the development, investment, design, and operation & maintenance (O&M) of distributed PV power stations.
Engie is recently expanding its presence in the solar sector through several M&A transactions. Furthermore, the company issued its second Green Bond, worth €1.5 billion ($1.61 billion) in mid-March. The company said the bond will support its recent expansion in the renewable energy and energy efficiency sectors.
Engie is currently active in the solar business through its subsidiaries Compagnie du Vent, Solairedirect, Engie Green and La Compagnie Nationale du Rhône (CNR). The group aims at installing approximately 2.2 GW in solar PV by 2021.