Engie Brasil Energia SA (EBE), the Brazilian subsidiary of French energy group Engie, has announced in a filing with Brazil’s market authority (CMVM) that it has signed a binding agreement to take over the other half of the shares in its solar distributed generation unit, Engie Geração Solar Distribuída SA.
“The entry of EBE into the solar distributed generation segment in 2016 represented a fundamental strategic step towards the company's insertion in the context of energy transition, and this new investment is a way for the company to strengthen its position in the segment, contributing to a more dynamic energy matrix, and close to the final consumer,” Engie said in a statement.
Before the transaction, Engie had a 50% stake in Engie Geração Solar Distribuída SA, which it acquired for BRL24.28 million ($6.2 million) in April 2016, with the remaining stake owned by local company Araxá Solar. Previously the company was named GD Brasil Energia Solar.
According to EBE’s financial results, Engie Geração Solar Distribuída installed 1.2 MW of new residential and commercial PV systems across Brazil in the January to March period, taking it up to 9.7 MW at the end of March.
Engie’s previous solar sector transaction was made only weeks earlier, with the takeover of French independent power producer Langa Group. That came after the addition of Fenix International, the acquisition of the European business of bankrupt U.S. rooftop PV company Sungevity, and of a stake in Chinese PV developer Unisun.
The French group is active in the solar sector also through domestic companies Compagnie du Vent, Solairedirect and La Compagnie Nationale du Rhône (CNR).
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