France

France

Engie accelerating renewables deployment

The renewables business of French utility Engie installed 1.4GW of wind and solar capacity in the first half of 2019, more than the 1.1GW it added in the whole of 2018.

Additional wind projects in Brazil offset lower production at Engie's hydro plants in France during the first half of the year (pic: Abeeolica / Engie)
Additional wind projects in Brazil offset lower production at Engie's hydro plants in France during the first half of the year (pic: Abeeolica / Engie)

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The firm said it now has 8.7GW of renewable energy capacity either installed, under construction or secured.

In February, the company unveiled plans to spend €2.3-€2.8 billion in renewables by 2021. 

Operating income from Engie’s renewable business fell 5.5% in the first half of the year due to lower hydro generation in France.

But this was offset by the growth of wind capacity, particularly in Brazil, the company explained. The company expects operating income in its renewables business to reach 5-9% growth for 2019.

For Engie Group overall, revenue increased 9.3% to €33 billion in the first half of the year, with Ebitda remaining level.

Engie has strengthened its renewables offering in a number of international markets in 2019.

In May it signed a memorandum of understanding with Portuguese developer EDP Renovaveis to investigate opportunities to colloborate on an 5.5GW offshore wind portfolio.

It also partnered with Japanese utility Tokyo Gas to form a joint venture in Mexico, developing six wind and solar sites with a combined capacity of almost 900MW. 

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