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Engie completes sale of US, India, Indonesia thermal assets

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France's Engie has completed the disposals of its thermal assets in the US, India and Indonesia.

In the US, Engie sold 8.7 GW of thermal assets – of which 8 GW gas-fired and 0.7 GW coal-fired – to a joint venture formed by Dunergy and ECP for $3.3 billion.

This deal results in a reduction of Eur3 billion of Engie's consolidated net debt.

In North America, Engie develops activities related to power generation (mainly contracted), energy efficiency services (through Cofely, Ecova, OpTerra and Green Charge Networks), retail electricity sales, small scale LNG and LNG infrastructures, including its participation in the Cameron LNG liquefaction project currently under construction.

India, Indonesia sales total 3 GW

Meanwhile, Engie concluded the sales of its interests in the Meenakshi and Paiton coal-fired power plants in India and in Indonesia, accounting for 3 GW of generation capacity, respectively in September 2016 and December 2016.

These operations result in a further reduction of Eur1.5 billion of Engie's consolidated net debt.

In detail, the company sold its 40.5% ENGIE’s stake in the 2 GW Paiton power plant in Indonesia to Nebras Power and a combination of some of the existing Paiton shareholders.

Moreover, Engie’s entire shareholding in Meenakshi – which accounts for 0.3 GW of installed capacity and further 0.7 GW under construction - located in India has been sold to India Power Corporation Limited.

“These transactions are fully in line with the Group’s ambition to reduce its exposure to merchant activities while, at the same time, reducing its total coal-fired installed generation capacity” Engie said, adding that these three deals lead to a 20% reduction in the company's total coal-fired installed generation capacity.

Since the launch of the portfolio rotation program in February 2016, the company has signed asset disposals amounting to 50% of the Eur15 billion target over the 2016-2018 period, of which Eur6.9 billion of transactions closed to date, it said.


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