Engie Divesting 345-MW Coal-Fired Plant

Published on:
by KnowESG,

ENGIE SA

KnowESG_renewable_energy
Image of Engie announces the divestment of its last coal-fired power plant in Brazil.

Power utility Engie Brasil Energia SA has reached a deal to offload its last coal-fired plant in Brazil as it looks to achieve a 100% renewable portfolio in the country.

Engie Brasil announced that it agreed to sell the 345-MW Pampa Sul thermal power plant to investment funds Grafito and Perfin Space X, which are controlled by Starboard and Perfin, respectively.

The transaction is valued at around BRL 2.2 billion (USD 424m/EUR 424.4m), including BRL 1.8 billion of debt assumed by the buyers.

CEO Eduardo Sattamini, said: 

"Engie Brasil Energia is on a trajectory to become 100% renewable, an objective it has been pursuing for at least six years when we decided to accelerate our exit from coal-fired operations in line with the ENGIE Group’s global guideline to focus its efforts and investments on solar and wind generation projects in addition to transmission infrastructure."

Perfin's CIO, Ralph Rosenberg, said: 

"For their part, the buyers are committed to a long-term ESG strategy for the coal plant. Approximately BRL 150 million will be invested in Pampa Sul to reduce carbon emissions by up to 5%."

Source: Renewables Now

For more investor-related news

Share:
esg
esg
esg
esg

Investors Headlines

National Bank of Canada Publishes 2023 ESG Report

National Bank of Canada Publishes 2023 ESG Report

Danone's Green Excellence Recognised

Danone's Green Excellence Recognised

Asyad Shipping's First ESG Report

Wienerberger Tops Sustainability Charts

Ricoh Achieves AAA in ESG Evaluation

Ricola Earns B Corp Status

NOVONIX Publishes Sustainability Report

Gold Rating for Crisis24's Green Efforts

Economic, Weather, ESG Risks Disrupt Supply Chains

VEON Upgraded to 'AA' for ESG

More from ENGIE SA
Engie and UAE MOEI collaborate to develop clean energy projects
Engie and UAE MOEI collaborate to develop clean energy projects
Charter Hall signs long-term renewable energy supply agreement with ENGIE
Charter Hall signs long-term renewable energy supply agreement with ENGIE
Funding support for Green Mobility projects
Funding support for Green Mobility projects
ENGIE, Brookfield and Castignac enter into a partnership with a view to helping to create one of Europe's largest carbon-neutral logistics centres
ENGIE, Brookfield and Castignac enter into a partnership with a view to helping to create one of Europe's largest carbon-neutral logistics centres