Energy company Engie has acquired a 157MW fully operational renewable energy portfolio in the UK from Munich Re’s asset management arm, MEAG.
The acquisition comprises four solar photovoltaic (PV) farms and three onshore wind farms in England and Wales.
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Engie UK CEO Miya Paolucci stated: “This acquisition expands our renewable generation capacity and reflects our ongoing commitment to growing our operations here in the UK.
“It is a key part of our strategy to invest in low carbon technologies so we can provide clean energy to our B2B customers and support the energy transition.”
The deal, which is pending clearance from the UK government, marks a significant step in Engie’s renewable energy strategy for the UK, underscoring its commitment to advancing a more sustainable energy future.
Engie plans to enhance the newly acquired sites with the addition of battery storage, new solar installations and repowering projects.
With 1,300 employees in the UK, Engie manages a portfolio of renewable and flexible storage assets, including one of Europe’s largest pumped-storage hydro plants.
The company’s joint venture, Ocean Winds, is a major player in Scotland’s offshore wind sector, with 950MW of operational capacity and 882MW currently under construction.
Over the past two decades, Engie has invested a significant amount in the UK’s energy transition, contributing significantly to the country’s move towards cleaner energy.
Engie UK & Ireland renewables managing director Suresh Bhaskar stated: “By leveraging ENGIE’s development capabilities and working with local ecosystems and communities, we plan to transform this portfolio into a future asset base that has significant additional capacity.
“With the opportunity to co-locate BESS and solar, plus repower old assets, our integrated approach means we can generate, trade and supply even more low carbon energy, helping our customers to decarbonise.”
ACWA Power has recently agreed to acquire assets in Bahrain and Kuwait from Engie’s regional subsidiary for $693m.
