October 31, 2008
GDF Suez Energy Acquires Econergy
GDF Suez Energy has acquired Econergy International, a company focused on renewable energy projects in Latin America and North America, for approximately GBP39 million.
The total installed capacity of Econergy International amounts to 266MW of small hydro, wind and coalbed methane projects in operation or construction. The company also has a portfolio of approximately 200MW of projects in various stages of development.GDF Suez has received valid acceptances with respect to 97.7% of Econergy International's existing issued ordinary share capital, as well as all necessary regulatory and other consents required for closing. The offer will remain open for acceptance until further notice.
Dirk Beeuwsaert, CEO of GDF Suez Energy, said: "We think Econergy International to be a perfect fit and complementary to our international energy portfolio. The company has and is developing a series of interesting renewable assets, such as wind and small hydro, in markets where GDF Suez already has a presence or aspires to take positions."