Engie Buys Solairedirect for $222 Million in Renewables Push
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Engie is buying French solar park developer Solairedirect SA for about 200 million euros ($222 million) as part of plans to double renewable-power capacity in Europe over the next decade and expand in high-growth countries such as India and Chile.
The tie-up also includes a capital increase of 130 million euros for Solairedirect, Engie Chief Executive Officer Gerard Mestrallet told reporters Wednesday. The move follows Solairedirect’s failed attempt earlier this year for an initial public offering on Euronext. Courbevoie, France-based Engie, formerly called GDF Suez, is the operator of Europe’s biggest natural-gas network.