Engie buys Broad Reach Power from EnCap, Apollo
EPA-EFE/STEPHANIE LECOCQ
Engie SA announced on Thursday that it reached an agreement to buy 100% of battery storage company Broad Reach Power from private equity funds EnCap and Apollo.
"The acquisition will support the Group's goal of having 10 GW of battery capacity globally by 2030. It will also strengthen ENGIE's position as a leader in the energy transition in the United States, where the group already has significant positions through its renewable assets," Engie stated and added the deal includes 350MW of operating assets, 880MW under construction assets with commissioning expected before the end of 2024, 1.7GW of advanced stage projects and a significant pipeline of early stage projects.
The transaction is expected to close in the fourth quarter of the year, subject to regulatory approvals.