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UPDATE 1-GDF Suez sells stake in Portuguese power plants to Marubeni
August 5, 2013 / 12:11 PM / 4 years ago

UPDATE 1-GDF Suez sells stake in Portuguese power plants to Marubeni

PARIS, Aug 5 (Reuters) - French gas and power company GDF Suez has agreed to sell 50 percent of a 3,300 megawatt portfolio of thermal and renewable power generation assets in Portugal to Japanese trading house Marubeni Corporation .

GDF did not say how much Marubeni paid, but added the sale would result in a reduction of around 600 million euros in its consolidated net debt this year and 300 million euros in 2014.

GDF will keep a 50 percent stake in the joint venture established by the agreement and will continue to operate the assets, which consist of coal and gas-fired thermal power plants with a capacity of 2,400 megawatts and renewable assets - mainly wind - with a capacity of 900 megawatts.

Marubeni also announced it is taking a 25 percent equity stake in Ireland-based green energy developer Mainstream Renewable Power.

The 100 million euro equity deal will allow the trading house to have representation on the company’s board of directors alongside Barclays.

Mainstream Renewable Power builds wind and solar projects and has over 19 gigawatts (GW) of capacity in its global pipeline.

In Europe it is developing just under 8 GW of offshore wind projects located in England, Scotland and Germany.

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