in News Departments > New & Noteworthy
print the content item

GDF SUEZ has sold a 60% equity interest in its 680 MW Canadian renewable energy generation portfolio, which is valued in excess of C$2 billion (1.5 billion euros), to Mitsui & Co. Ltd. and a consortium led by Fiera Axium Infrastructure Inc., which 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 680 MW portfolio comprises 363 MW of operating wind energy facilities, and a further 317 MW of wind and solar power capacity that is expected to start commercial operation between 2013 and 2014.

All of the projects are backed by power purchase agreements with provincial utilities. The facilities are located in Ontario, New Brunswick, Prince Edward Island and British Columbia.

As part of the transaction, a total of C$1.1 billion (800 million euros) of project financing has been successfully raised from Japan Bank of International Cooperation, Bank of Tokyo-Mitsubishi UFJ, Mizuho Corporate Bank, Sumitomo Mitsui Banking Corp. and The Manufacturers Life Insurance Co.

GDF SUEZ notes that in addition to its participation in this joint venture, the company will continue to develop its own pipeline of new renewable energy projects in Canada.

This transaction reduces GDF SUEZ’s net debt by approximately C$1.3 billion (1 billion euros), according to the company, which adds that it has now achieved 3.9 billion euros out of the 5 billion euros expected this year for its asset optimization program.

Mortenson Construction_id2024

Trachte Inc._id1770
Latest Top Stories

Are Fitch Ratings' Claims About Wind Farm Underperformance Unfounded?

A recent report from Fitch Ratings suggests that wind farms underperform due to an overestimation of wind resources, but AWS Truepower says the analysis misses the mark.


SunEdison Buying First Wind In $2.4 Billion Deal

Global solar company SunEdison and its yeildco have announced an agreement to buy the Boston-based developer, a major player in the U.S. wind industry.


U.S., China Reach Ambitious Climate Change Accord

The agreement between the global superpowers leans heavily on the deployment of renewable energy, such as wind and solar.


What The Midterm Elections Mean For The U.S. Wind Industry

Both chambers of Congress are now under Republican control for the first time since 2006. How will wind energy fare?


GE Blade Crashes At Mehoopany Wind Farm In Pennsylvania

The turbine manufacturer says the Nov. 2 incident is "isolated and unrelated" when compared to earlier blade issues.

BG 2015DblBox_id2032
Renewable NRG_id1934
Hybrid Energy Innovations 2015