GDF Suez, Acea reach agreement on restructuring partnership in hydro, other interests

GDF Suez and Acea Spa have reached a preliminary agreement on the restructuring of the partnership between the two companies, GDF Suez reported. The restructuring would include GDF Suez gaining control of all hydropower assets owned by Acea.

Upon completion of the transaction, Acea will gain full control of the sales activities (AceaElectrabel Elettricita), as well as two power plants in Rome (Tor di Valle, Montemartini) and all the hydropower assets currently owned by AceaElectrabel Produzione. Acea will also benefit from an option to sign a power supply contract with GDF Suez for 5 TWh per year (until the 30 of September 2016).

GDF Suez will retain most of the generation capacity and the trading activities currently in joint venture. GDF Suez will also increase its stake in Tirreno Power from 35 percent to 50 percent. Following this restructuring, GDF Suez will increase its net total installed capacity in Italy from 3,700 MW to 4,400 MW, obtaining a total electricity generation of 21.9 TWh.

Recently, GDF Suez SA entered into a merger deal with Britain’s International Power. The move would create the world’s largest independent power producer, with more than 66,000 megawatts of capacity.

For more hydropower news and information, click here

Previous articleHydro worker killed as storms hit Ontario
Next articleFERC filing resolves objections to Kentucky utilities acquisition

No posts to display