Paris and Brussels listed Engie acquired Broad Reach Power, a company specialized in battery storage and based in Houston (TX), from private equity funds EnCap and Apollo.
The amount of the deal was not disclosed.
The completion of the transaction is expected by Q4 2023, subject to the fulfilment of certain approvals from anti-trust and energy regulatory authorities. The deal involves 350MW of operating assets, as well as 880MW under construction assets with a commissioning expected before the end of 2024, 1.7GW of advanced stage projects and a significant pipeline of early stage projects. The projects are located in Texas, California and the central states of the United States. Broad Reach Power skills, tools and teams are the perfect fit, in and outside the United States, with Engie’s integrated model.
The acquisition will support Engie’s goal of having 10 GW of battery capacity globally by 2030.
About ENGIE
Turnover in 2022: 93.9 billion euros. Listed in Paris and Brussels (ENGI), the Group is represented in the main financial (CAC 40, Euronext 100, FTSE Euro 100, MSCI Europe) and extra-financial (DJSI World, Euronext Vigeo Eiris – Europe 120 / France 20, MSCI EMU ESG screened, MSCI EUROPE ESG Universal Select, Stoxx Europe 600 ESG-X) indices.
FinSMEs
24/08/2023