French power group GDF Suez SA (GSZ.FR) Monday
said it sold half of its thermal and renewable power generation assets in
Portugal to Japan's Marubeni Corp. (8002.TO) for an undisclosed amount, helping
though cutting its net financial debt by 600 million euros ($797 million) as of
the closing of the deal.
MAIN FACTS:
- The transaction will also cut GDF
Suez
's net financial debt by EUR300 million in 2014.
- The deal is expected to be finalized in the
third quarter this year.
- Including the full impact of the operation,
the progress achieved in the portfolio optimization program will reach almost
EUR4 billion out of a EUR11 billion target for 2013-2014.
- The stake sold to Marubeni represents a total
installed capacity of 3.300 gigawatts, or GW.
- GDF
Suez said it will keep a 50% share in the joint venture established by the
agreement and along with its new partner will continue to operate and take care
of the operational maintenance of the assets. The portfolio is made up of a
balanced set of coal- and gas-fired thermal power plants with a capacity of
2.4GW and renewable assets (mainly wind) with a capacity of 900 megawatts.