CGN Weighing Sale of $2 Billion European Renewable Assets, Sources Say – EQ Mag Pro
China General Nuclear Power Corp. is considering selling its portfolio of renewable energy assets in Europe in a deal that could fetch more than $2 billion, people with knowledge of the matter said.
The Chinese firm is working with Citic Securities Co. on the potential disposal of CGN Europe Energy, said the people, who asked not to be identified as the information is private. The state-backed giant has started sounding out industry players as well as private equity firms about a sale, the people said.
Deliberations are at an early stage and the company could decide to keep the assets, the people said. Representatives for CGN and Citic Securities couldn’t immediately respond to emails and phone calls requesting comment.
Chinese firms controlled by the government have lately stepped up reviews of their overseas portfolios as they look to optimize returns on their investments. Beijing Capital Group Co. and Beijing Enterprises Holdings Ltd. have been considering sales of their overseas holdings, Bloomberg News has reported. China Tianying Inc. agreed in June to sell its Spanish waste management company Urbaser SA fo
Founded in 2014, Paris-based CGN Europe Energy develops, operates and invests in wind, solar and other alternative energy projects across France, Belgium, the Netherlands, the U.K., Ireland, Sweden and Senegal, according to its website.
The unit’s total investment in Europe and Africa has exceeded 3 billion euros ($3.4 billion) since inception, while its total installed capacity is 2.4 gigawatts, the website shows.
Source: Bloomberg
