GDF Suez has announced that it has agreed the sale of a 60% equity interest in its 680MW Canadian renewable generation portfolio, with an enterprise value in excess of CAD 2 billion (€ 1.5 billion), to Mitsui & Co. Ltd. and a consortium led by Fiera Axium Infrastructure Inc. who each hold a 30% interest in the new joint venture.
GDF Suez will remain the principal shareholder, retaining a 40% interest, and will continue to operate and maintain these assets. The 680MW portfolio comprises 363MW of operating wind facilities, and a further 317MW of wind and solar capacity that is expected to start commercial operation between 2013 and 2014. All projects are backed by Power Purchase Agreements with provincial utilities. The facilities are located in Ontario, New Brunswick, Prince Edward Island and British Columbia. This transaction reduces Group net debt by approximately CAD 1.3 billion (€ 1 billion). GDF Suez has now achieved € 3.9 billion out of the € 5 billion expected in 2012 for its asset optimization program.
GDF Suez will remain the principal shareholder, retaining a 40% interest, and will continue to operate and maintain these assets. The 680MW portfolio comprises 363MW of operating wind facilities, and a further 317MW of wind and solar capacity that is expected to start commercial operation between 2013 and 2014. All projects are backed by Power Purchase Agreements with provincial utilities. The facilities are located in Ontario, New Brunswick, Prince Edward Island and British Columbia. This transaction reduces Group net debt by approximately CAD 1.3 billion (€ 1 billion). GDF Suez has now achieved € 3.9 billion out of the € 5 billion expected in 2012 for its asset optimization program.
