Taiwan Cement Corp. acquires 60.48% stake in ENGIE EPS
Taiwan Cement Corp. (TCC), a diversified group that has been actively developing renewable energy and energy storage systems has acquired 60.48 percent stake in ENGIE EPS SA – a leading provider and systems integrator in energy storage, microgrids, and e-mobility and a subsidiary of French multinational utility ENGIE.
TCC has invested €132 million and the closing of the transaction is expected to be in the third quarter of 2021 subject to regulatory clearances. Through this acquisition the company intends to strengthen and expand its energy storage business footprints into new markets and to diversify its product offerings, as well as its technical capabilities in the energy storage field.
"The sale of ENGIE's stake in ENGIE EPS SA is in line with the Group's strategy to simplify its activities and focus on core businesses. This transaction is part of our enhanced disposal plan announced in July 2020," said Catherine MacGregor, ENGIE CEO.
ENGIE has decided to focus on its expertise as an asset developer, owner, and solutions integrator, rather than directly owning and developing power storage technologies, the company said in an official statement.
The latest transaction follows ENGIE's decision in September 2020 to assess strategic options for ENGIE EPS SA and is intended to contribute to ENGIE's ongoing Group simplification program.
This transaction will reduce the Group's financial net debt by c. Euro 165 million and generate a capital gain of c. Euro 80 million, ENGIE stated.