French utility Engie has agreed to sell some coal-fired power plants in the Netherlands and Germany, as Engie continues its strategy of disposing of non-core assets to focus more on the renewable energy sector.
Engie said it was selling those assets to investment firm Riverstone Holdings LLC and that the deal would cut Engie’s net consolidated debt by around 200 million euros ($223 million).
The assets represent a total installed capacity of 2,345 megawatts, it said, adding that after the sale, coal will represent 4 percent of Engie’s global generation capacities, down from 13 percent at the end of 2015 when it announced plans to gradually close or dispose of its coal assets.
“This transaction is fully in line with the Group’s strategy to be the world leader in the zero-carbon transition. We are focusing investments on solutions for corporates and local authorities, large-scale development of renewable energy and the necessary adaptation of power and gas networks to the energy transition,” said Engie chief executive Isabelle Kocher.