GDF SUEZ Energy International, a division of GDF SUEZ (GAZ.PA), completed the acquisition of Econergy International (ECG.L) for approximately EUR 50 million. Econergy, a US company listed in the UK, is focused on renewable energy projects in Latin America (mainly) and North America.
In addition to developing sustainable energy projects, the company is also actively engaged in the carbon credit markets and provides consulting services on renewable energy, energy efficiency and carbon footprint management.
The total installed capacity of Econergy International amounts to 266 megawatts (MW) of small hydro, wind and coalbed methane projects in operation or construction. The company also has a portfolio of approximately 200 MW of projects in various stages of development.
GDF SUEZ Energy International submitted a binding offer to buy Econergy International on June 13th 2008. As of today, GDF SUEZ has received valid acceptances in respect of 97.7% of Econergy International’s existing issued ordinary share capital as well as all necessary regulatory and other consents required for closing. The offer will remain open for acceptance until further notice.
Dirk Beeuwsaert, CEO of GDF SUEZ Energy International, said: "We think Econergy International to be a perfect fit and complementary to our international energy portfolio. The company has and is developing a series of interesting renewable assets, such as wind and small hydro, in markets where GDF SUEZ already has a presence or aspires to take positions. Econergy International will also contribute to GDF SUEZ’s know-how on carbon credits and non-conventional renewables. Our proven track record in the development and operation of renewable power plants, will contribute to realizing Econergy International’s low-carbon projects."
About Econergy International
Econergy International was created in 1994 and has a portfolio of renewable energy projects in operation, construction and development in Brazil, Bolivia, Costa Rica, Chile, United States and Mexico. Most of the projects are based on long-term sales contracts for the electricity Econergy will generate.
About GDF SUEZ
One of the leading energy providers in the world, GDF SUEZ relies on diversified supply sources as well as flexible and high-performance power generation in order to provide innovative energy solutions to individuals, cities and businesses. The Group employs 196,500 people worldwide and achieved revenues of EUR74,3 billion in 2007.
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