ENGIY - France's Engie Credit Agricole to buy Spanish renewables firm Eolia

Engie (OTCPK:ENGIY) and French bank Credit Agricole (OTCPK:CRARY) agree to buy Spanish renewable energy group Eolia Renovables for an undisclosed sum, but local media reports indicate a sale price could have topped €2B ($2.3B). Eolia, owned by Alberta Investment Management, develops, builds and operates wind farms and solar photovoltaic plants, with a portfolio of 899 MW. The deal will reinforce Engie's presence in Spain, where the French utility and partners bought a portfolio of hydropower assets from EDP-Energias de Portugal for €2.2B last year. Engie announced last week that it would sell its Euqans energy services business to French construction conglomerate Bouygues in a €7.1B deal.

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France's Engie, Credit Agricole to buy Spanish renewables firm Eolia