GDF SUEZ signs a strategic-partnership agreement with MARUBENI in Portugal
August 6, 2013
GDF SUEZ has signed a strategic-partnership agreement with the Japanese company MARUBENI Corporation with the sale of a 50% stake in its portfolio of thermal and renewable power generation assets in Portugal, representing total installed capacity of 3,300 MW. GDF SUEZ will keep a 50% share in the joint venture established by the agreement and along with its new partner will continue to operate and take care of the operational maintenance of the assets. The portfolio is made up of a balanced set of coal- and gas-fired thermal power plants with a capacity of 2,400 MW and renewable assets (mainly wind) with a capacity of 900 MW.
This agreement in Portugal further expands the partnership between GDF SUEZ and MARUBENI following the success of previous cooperation and investment in Asia and the Persian Gulf and extends its scope to Europe, with a shared development strategy focusing in particular on renewable energies.
Vice-Chairman and President of GDF SUEZ, Jean-François Cirelli said, “I welcome the agreement that has been signed with Marubeni, which is a major partner of GDF SUEZ. It sees us launching a first long-term partnership with MARUBENI in Europe and enables the Group to consolidate its presence on the Portuguese market and pursue its ambition to develop its renewable energy activities in Europe.“
This partnership also fits into the Group’s transformation strategy and will result in a reduction of around €600 million of GDF SUEZ’s consolidated net debt as of closing and €300 million in 2014, after equity consolidation of the joint venture in the Group’s accounts.
Including the full impact of the operation, the progress achieved in the portfolio optimization program will reach almost €4 billion out of a €11 billion target for 2013-2014.
The transaction should be completed in Q3 2013, subject to customary conditions precedent.