PARIS (dpa-AFX) - French energy provider Engie SA (ENGQF.PK, ENGIY.PK) said Thursday that it has signed a binding agreement to acquire Broad Reach Power, a company specialized in battery storage and based in Houston, from private equity funds EnCap and Apollo.
The transaction involves 350MW of operating assets, as well as 880MW under construction assets with a commissioning expected before the end of 2024, 1.7GW of advanced stage projects and a significant pipeline of early stage projects. The projects are located in Texas, California and the central states of the United States.
Engie expects to complete the transaction by the fourth quarter of 2023.
Engie stated that the acquisition will support its goal of having 10 GW of battery capacity globally by 2030.
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