ENGIE acquires Broad Reach Power

The transaction involves 350 MW of operating assets, as well as 880 MW under construction assets with a commissioning expected before the end of 2024, 1.7 GW of advanced stage projects and a significant pipeline of early stage projects. The projects are located in Texas, California and the central states of the US. Broad Reach Power skills, tools and teams are the perfect fit, in and outside the US, with ENGIE’s integrated model.

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 US, where the group already has significant positions through its renewable assets (5 GW in operation at the end of 2022), battery storage, and its energy management platform. The development of these projects will respond to the strong need for flexibility generated by the growth of the share of renewable energies in the energy mix and will increase ENGIE capacity to provide 24/7 decarbonised electricity to customers.

Completion of the transaction is expected by 4Q23, subject to the fulfilment of certain approvals from anti-trust and energy regulatory authorities.

Catherine MacGregor, CEO, of ENGIE, said: “This acquisition is fully in line with ENGIE's strategy: it will contribute to the development of a low-carbon, affordable and resilient energy system where flexible assets will play a critical role alongside renewables.”

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