Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious Outperformance
Find Stocks Now

Engie to acquire Texas-based power storage firm Broad Reach Power

Published 24/08/2023, 07:27
© Reuters. FILE PHOTO: The logo of Engie is seen at a charging station for electric vehicles in Guignicourt, France, January 30, 2023. REUTERS/Pascal Rossignol/File Photo

(Reuters) - France's Engie on Thursday said it is acquiring full ownership of Broad Reach Power, a power storage company based in Houston, Texas, as it seeks to expand its global battery infrastructure.

The deal signed with private equity firms EnCap and Apollo involves the purchase of operating assets with a capacity of 350 megawatt while projects equivalent to 880 megawatt are currently under construction and another 1.7 gigawatt in advanced project stage, Engie said.

The transaction is expected to be completed by the fourth quarter of this year. Financials were not disclosed.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.