The acquisition will support the Group's goal of having 10 GW of battery capacity globally by 2030. It will also strengthen ENGIE's position as a leader in the energy transition in the United States, where the group already has significant positions through its renewable assets (5GW in operation at the end of 2022), battery storage and its energy management platform.
The development of these projects will respond to the strong need for flexibility generated by the growth of the share of renewable energies in the energy mix and will increase ENGIE capacity to provide 24/7 decarbonized electricity to his customers.
Completion of the transaction is expected by Q4 2023, subject to the fulfilment of certain approvals from anti-trust and energy regulatory authorities.
Catherine MacGregor, Chief Executive Officer of ENGIE, said, "This acquisition is fully in line with ENGIE's strategy: it will contribute to the development of a low-carbon, affordable and resilient energy system where flexible assets will play a critical role alongside renewables.”