GDF Suez sells French wind farm stake to Credit Agricole

PARIS Mon Dec 9, 2013 12:08pm EST

The logo of French group GDF Suez is seen on a building in the financial district of La Defense, near Paris August 1, 2013. REUTERS/Benoit Tessier

The logo of French group GDF Suez is seen on a building in the financial district of La Defense, near Paris August 1, 2013.

Credit: Reuters/Benoit Tessier

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PARIS (Reuters) - French gas and power group GDF Suez (GSZ.PA) said on Monday it had sold a 50 percent stake in a 440 megawatt French onshore wind farm to Credit Agricole Assurances (CAGR.PA).

The deal is expected to close during the first quarter of 2014 and will enable GDF to reduce its net debt by some 400 million euros ($549 million), GDF said in a statement.

GDF said it wanted to expand its French onshore wind energy portfolio from total installed capacity of 1,200 megawatts to more than 2,000 megawatts by 2016.

GDF will build and operate the wind farms, while Credit Agricole Assurances will act as investment partner.

($1 = 0.7289 euros)

(Reporting by Geert De Clercq; Editing by James Regan)

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