ENGIE completes divestment of coal-fired energy assets in Asia-Pacific
France-headed energy major ENGIE SA has announced the completion of the divestment of its 69.1 percent stake in Glow, an independent energy producer that is listed on Thailand's stock exchange. After this disposal, ENGIE will no longer have any coal assets in the Asia-Pacific region. Coal will now 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.
ENGIE has announced the sale of its 69.1 percent stake in Glow to Global Power Synergy Public Co Ltd (GPSC) for EUR 2.6 billion, following official authorisation granted on March 8, 2019, from Thailand’s Energy Regulatory Commission. This transaction follows on from an initial share purchase agreement that ENGIE and GSPC signed in June 2018.
Glow is an independent energy producer that is listed on Thailand’s stock exchange. It owns and operates production facilities in Thailand and Laos, and employs 800 people. Its portfolio includes total power generation capacity of 3.2 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 demineralised 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.
This disposal, that we are making at a price that is very attractive for us, is a major milestone. It is fully in line with the Group’s strategy of reducing its carbon footprint and focusing on renewable energies and client solutions to support its customers in their zero-carbon transition, commented Isabelle Kocher, CEO, ENGIE in a statement.
ENGIE says that it will continue to develop its business interests in the Asia-Pacific 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 airconditioning networks, green mobility and helping remote communities by providing access to reliable energy along with supporting innovative initiatives such as “Thailand 4.0”.