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GDF SUEZ Signs a Strategic-partnership Agreement with MARUBENI in Portugal - GDF SUEZ has signed a strategic-partnership agreement with the Japanese company MARUBENI Corporation with the sale of a 50% stake in its portfolio of thermal and renewable power generation assets in Portugal, representing total installed capacity of 3,300
GDF SUEZ Signs a Strategic-partnership Agreement with MARUBENI in Portugal

 

NewswireToday - /newswire/ - Paris, Ile de France, France, 2013/08/05 - GDF SUEZ has signed a strategic-partnership agreement with the Japanese company MARUBENI Corporation with the sale of a 50% stake in its portfolio of thermal and renewable power generation assets in Portugal, representing total installed capacity of 3,300. FR0010 208488

   
 
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GDF SUEZ will keep a 50% share in the joint venture established by the agreement and along with its new partner will continue to operate and take care of the operational maintenance of the assets. The portfolio is made up of a balanced set of coal- and gas-fired thermal power plants with a capacity of 2,400 MW and renewable assets (mainly wind) with a capacity of 900 MW.

This agreement in Portugal further expands the partnership between GDF SUEZ and MARUBENI following the success of previous cooperation and investment in Asia and the Persian Gulf and extends its scope to Europe, with a shared development strategy focusing in particular on renewable energies.

Vice-Chairman and President of GDF SUEZ, Jean-François Cirelli said,“I welcome the agreement that has been signed with Marubeni, which is a major partner of GDF SUEZ. It sees us launching a first long-term partnership with MARUBENI in Europe and enables the Group to consolidate its presence on the Portuguese market and pursue its ambition to develop its renewable energy activities in Europe.“

This partnership also fits into the Group’s transformation strategy and will result in a reduction of around €600 million of GDF SUEZ’s consolidated net debt as of closing and €300 million in 2014, after equity consolidation of the joint venture in the Group’s accounts2.

Including the full impact of the operation, the progress achieved in the portfolio optimization program will reach almost €4 billion out of a €11 billion target for 2013-2014.

The transaction should be completed in Q3 2013, subject to customary conditions precedent.

1 At 100%
2 From the date of closing until 31 December 2013, the joint venture will be proportionally consolidated in the accounts of the Group. It will be equity consolidated as of 1 January 2014, given the adoption of the new IFRS 11 (Partnerships) standard. This will lead to an additional impact on the net debt of €-300 million.

About GDF SUEZ

GDF SUEZ (gdfsuez.com) develops its businesses (power, natural gas, energy services) around a model based on responsible growth to take up today’s major energy and environmental challenges: meeting energy needs, ensuring the security of supply, fighting against climate change and maximizing the use of resources. The Group provides highly efficient and innovative solutions to individuals, cities and businesses by relying on diversified gas-supply sources, flexible and low-emission power generation as well as unique expertise in four key sectors: independent power production, liquefied natural gas, renewable energy and energy efficiency services.GDF SUEZ employs 138,200 people worldwide and achieved revenues of €82 billion in 2012. The Group is listed on the Paris, Brussels and Luxembourg stock exchanges and is represented in the main international indices: CAC 40, BEL 20, DJ Euro Stoxx 50, Euronext 100, FTSE Eurotop 100, MSCI Europe, ASPI Eurozone, Euronext Vigeo Eurozone 120, Vigeo World 120, Vigeo Europe 120 and Vigeo France 20.

Investor Relations contact:
T: +33(0)1 44 22 66 29 - E: ir[.]gdfsuez.com.

 
 
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Written by / Agency / Source: GDF SUEZ | ENGIE

 
 

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GDF SUEZ Signs a Strategic-partnership Agreement with MARUBENI in Portugal

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GDF SUEZ | MARUBENI
Publisher Contact: Press Office - GDFSUEZ.com 
+33(0)1 44 22 24 35 / +32 2 510 76 70 gdfsuezpress[.]gdfsuez.com
 
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