GDF Suez International has completed the acquisition of clean energy and carbon credit developer Econergy International Plc for about 39 million pounds (US$61.2 million).
In June, Suez subsidiary Suez Energy South America (SESA) topped a rival bid by Trading Emissions Plc for Econergy, a U.S. firm listed in the United Kingdom. (HNN 7/4/08) SESA offered 45 pence per Econergy share, a 50 percent premium to the cash alternative of 30 pence per Econergy share offered by Trading Emissions. SESA’s offer included loans of more than US$50 million.
As of October 27, Suez said it had received valid acceptances representing 97.7 percent of Econergy’s issued ordinary share capital as well as all necessary regulatory and other consents required for closing.
Econergy has 40 clean energy projects under development throughout Latin America that might sell carbon credits under the United Nations-authorized Clean Development Mechanism program. It operates the 147-MW Corani hydroelectric project in Bolivia and has under construction the 19.89-MW Areia Branca hydro project in Brazil, three wind projects in Brazil and Costa Rica, and a coal-mine methane project in the United States.
In May, Econergy reported a 500 percent revenue increase in 2007 thanks to revenues from the Corani hydro project, which it acquired last year.