ENGIE has just acquired a 95% stake in Solairedirect with 100% voting rights in Solairedirect, a solar power generation company.
The merger between the two businesses allows ENGIE to bolster its position in the solar sector and makes it the market leader in France with a total gross installed capacity of 383 MW . This will also strengthen its global position, as Solairedirect is present in more than 15 countries, of which are already sites of ENGIE activities.
Since it was founded in 2006, Solairedirect has been a French pioneer of the competitive solar industry, active in the development, construction, operation, maintenance and investment in utility-scale parks on four continents. Its business model is based on an industrial approach to solar power generation, combined with a focus on cost reduction.
Gérard Mestrallet, ENGIE's Chairman and CEO, stated:
"We are very proud to be able to announce our cooperation with Solairedirect, a French company with an international reach. This is a crucial step forward in the implementation of our solar strategy. ENGIE has been committed to renewable energies for several years now. We already lead the French wind power market, and this deal makes us the country's number 1 in solar power too. We intend to strengthen these positions around the world. By pooling the expertise of Solairedirect and ENGIE staff, we will be able to speed up our development in renewable energies, in line with our strategy to spearhead Europe's energy transition and become the benchmark energy supplier on high-growth markets."
Thierry Lepercq, CEO at Solairedirect, added:
"I'm very pleased with this project to merge with ENGIE, which is a strategic leap forward, placing competitive solar power at the very heart of the plans to become a world leader in the energy sector. The merger will provide Solairedirect with the financial resources and critical size it requires to speed up growth. Our mutually complementary activities across the world, our entrepreneurial spirit and our ongoing drive for innovation will give us a unique opportunity to build together a competitive world leader on the solar market."
Solairedirect has a portfolio of projects at the pre-construction phase amounting to more than 4.5 GW in the targeted regions including South Africa, India, Chile, the United States, Mexico and Thailand. Of them 434 MW are set to be built within the next 6 to 18 months.
ENGIE has installed solar capacity of 201 MW across the world. It has leadership positions for renewables with 19 GW of installed capacity, which is 17% of its overall energy-generating capacity, and a further 27 GW under construction or development abroad. In Europe, the Group intends to double its renewable electricity capacities between 2015 and 2025 to reach 16 GW.
We have recently reported on several solar deals globally: