GDF Suez has agreed to the sale of a 60% equity interest in its Canadian renewable energy generation portfolio to Mitsui & Company Ltd. (Tokyo, Japan) and a consortium led by Fiera Axium Infrastructure Inc. (Montreal, Canada).
The portfolio includes 317 MW of wind and solar photovoltaic (PV) projects which it expects to commission between 2013 and 2014. As part of the transaction a total of USD 1.1 billion of project finance has been raised from five banks.
"This is an important new joint venture in which GDF Suez will have a significant shareholding, reflecting the continued importance of the Canadian renewable market to the Group," noted GDF Suez Chairman and CEO G?rard Mestrallet.
"This transaction represents an excellent example of monetizing value created through our investments, alongside retaining the upside from future renewable developments and from our operations and maintenance experience."
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Transaction to reduce debt by USD 1.3 billion
GDF Suez will remain the principal shareholder with a 40% interest. In addition to participation in the joint venture, the company will continue to develop its pipeline of new renewable energy projects in Canada.
The transaction will reduce the group's net debt by USD 1.3 billion. GDF Suez has achieved USD 5.2 billion out of USD 6.6 billion expected in 2012 under its asset optimization program.
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2012-12-19 | Courtesy:?GDF Suez | solarserver.com ? Heindl Server GmbH
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