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French utility Engie to get 2.6 bln euros from Glow Energy sale

Power News - Published on Fri, 22 Jun 2018

Image Source: euronews.com
REUTERS reported that French utility Engie said the sale of its 69 percent stake in Thailand's Glow Energy Pcl would result in net proceeds of 2.6 billion euros (USD 3 billion) for Engie.

Engie added that the sale would also result in a 3.3 billion euros reduction in Engie's net debt.

Engie added in a statement that "With the disposal of its interests in Glow, Engie will no longer operate any coal-fired assets in Asia-Pacific, and will reduce its global coal-fired generation installed capacity by 14%.”

Thai energy giant PTT Pcl had earlier said it will buy Glow Energy Pcl, in a deal that could be worth more than $4 billion as it seeks to play a bigger role in supplying power to the country's industrial heartlands.

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Posted By : Rabi Wangkhem on Fri, 22 Jun 2018
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