October 17, 2018 / 9:11 AM / a month ago

French groups Engie and Casino set up solar power joint venture

PARIS, Oct 17 (Reuters) - French utility Engie and supermarket retailer Casino launched a new solar power joint venture, with France looking to expand its capacity in the fast-growing area of renewable energy.

Engie and Casino said they would invest about 100 million euros ($115.60 million) per year in the new solar joint venture.

France wants to develop more wind, solar and other low-carbon energy sources to cut its dependence on nuclear energy power, which currently counts for over 75 percent of its needs.

Government data last month showed that French Ecology Minister Francois de Rugy had approved 392 rooftop solar power projects with a total capacity of 230 megawatts (MW) under a plan launched in 2016 to develop 1,450 MW of solar capacity within three years.

$1 = 0.8651 euros Reporting by Geert de Clercq; Editing by Sudip Kar-Gupta

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