Engie acquired biomethane producer Vol-V Biomasse, the French renewable energy group announced Tuesday.
"With this acquisition, Engie now has a portfolio of nearly 80 projects, thus supporting its aim of producing 5 terawatt-hours per year of biomethane by 2030," the company said.
According to Engie's statement, Vol-V Biomasse was founded in 2009 and is based in Rennes and Rouen. It operates along the entire biomethane value chain including origination, development, construction monitoring, and operation. It is currently made up of seven units that are in operation and another three that are in the process of being built.
Engie has committed to investing €800 million over the next five years and €2 billion by 2030 in developing its biomethane projects with farmers with the goal of supporting the sector’s industrialization to reduce costs and thereby achieve cost parity with natural gas, the statement added.
"We are extremely proud to welcome VoL-V Biomasse’s employees to our Group," said Engie CEO Isabelle Kocher.
"Biomethane is an essential component of France's future energy mix. It is an excellent new sector that will create value and jobs in France," she added.
According to the statement, through this acquisition, Engie confirms its position as one of France's leading renewable energy companies with more than 70 percent of the group's energy mix made up of green energies.
By Hale Turkes