Engie completed the sale of its 69.1 percent stake in Thai independent energy producer Glow to Thailand-based Global Power Synergy Public Company Ltd. (GPSC) for €2.6 billion, the French energy group announced Thursday.
According to Engie's statement, this transaction follows official authorization granted on March 8 by Thailand's Energy Regulatory Commission, and an initial share purchase agreement signed by Engie and GSPC in June 2018.
Glow owns and operates production facilities in Thailand and Laos, and its portfolio includes a total power generation capacity of 3.2 gigawatts (GW), made up of 1 GW of coal, 2 GW of gas and 0.2 GW of renewable energy. Glow also produces steam, as well as clarified and demineralized water.
"After this disposal, Engie will no longer have any coal assets in the Asia-Pacific region. Coal will henceforth account for only 6 percent of the group's total electricity production capacity, compared with 13 percent at the end of 2015, in compliance with the group's strategy of reducing its carbon footprint," the statement read.
According to the press release, Engie will continue to grow in the region through the supply of low-carbon electricity produced from gas and an increasingly large share of renewable energies, as well as through high added-value energy solutions for energy efficiency, integrated facilities management, heating and air conditioning networks, green mobility and helping remote communities by providing access to reliable energy.
By Hale Turkes