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Engie says assessing opportunities but still not getting ready for EDPR bid

EDPR's Maple Ridge wind farm in the US. Source: EDPR. License: All rights reserved.

June 26 (Renewables Now) - French electric utility Engie SA (EPA:ENGI) said today it is not getting ready to launch a takeover bid for EDP Renovaveis SA (ELI:EDPR), but admitted it is “constantly assessing investment opportunities”.

The statement by Engie follows a report by Bloomberg, which claims that the company is among European utilities that mull making offers for the renewables arm of Portuguese utility Energias de Portugal SA (ELI:EDP). People with knowledge of the matter told the news agency that the French company is working with advisers on evaluating offers for all or part of the EUR-7.3-billion (USD 8.54bn) business. According to two of them, even though it is considering bidding for the entire firm, Engie is mostly interested in EDPR’s US portfolio.

In a response to the speculation, the French utility said it has not taken any decision yet and, right now, is not preparing to kick off a bid over shares issued by EDPR.

The two companies are partners in a number of offshore wind projects, including the up to 950-MW Moray East offshore wind project in UK waters and the recently confirmed schemes in Dieppe-Le Treport and Yeu-Noirmoutier. Each of the two French projects will be of around 500 MW capacity.

EDPR is also being targeted with a EUR-7.33-per-share offer by China Three Gorges Corp, which, however, is so far unable to win the recommendation of the renewable energy firm’s board of directors.

(EUR 1.0 = USD 1.170)

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Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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