GDF SUEZ has agreed to sell a 60% equity interest in its 680 MW Canadian renewable generation portfolio to Mitsui and a consortium led by Fiera Axium Infrastructure, who each hold a 30% interest in the new joint venture.
GDF SUEZ will remain the main shareholder, retaining a 40% interest, and will continue to operate and maintain these assets. The 680 MW portfolio comprises 363 MW of operating wind facilities, and a further 317 MW of wind and solar capacity that is expected to start commercial operation between 2013 and 2014. All projects are backed by Power Purchase Agreements with provincial utilities. The facilities are located in Ontario, New Brunswick, Prince Edward Island and British Columbia.
This transaction reduces Group net debt by approximately $1.3bn (€1bn). GDF SUEZ has now achieved €3.9bn out of the €5bn expected in 2012 for its asset optimization program.
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