21st September 2023
ENGIE acquires Ixora Energy Ltd in the UK
ENGIE expands UK biomethane portfolio with acquisition of Ixora Energy Ltd.
ENGIE has expanded its biomethane generation portfolio after the acquisition of Ixora Energy Ltd, in a deal worth £64.8 million.
The agreement sees ENGIE acquire three new production units, based across Devon and Somerset, which will collectively generate around 160 GWh of biomethane annually. It also consolidates its pipeline of projects in this crucial market.
ENGIE is already a leading producer of biomethane in France, with an installed production capacity of 670GWh (correct as of 30 June 2023), and this latest acquisition sees ENGIE expand its European development in the fast-growing UK market.
With a target of 10 TWh per year of capacity by 2030 in Europe, this acquisition is a significant step after the release of an increased ambition earlier this year. The Group's sustained investment in biomethane complements its goal of achieving net zero carbon emissions by 2045 and meeting the decarbonization needs of its customers.
Cécile Prévieu, ENGIE Executive Vice President in charge of Networks activities said:
“This acquisition resonates deeply with our commitment to a diversified energy mix where biomethane stands as a pivotal force in Europe's decarbonization and energy sovereignty, while ensuring a resilient and affordable energy transition. In this way, ENGIE is committed to contributed to the UK's goals for renewable energy and decarbonization.”
The acquisition agreement was supported by the responsible investment manager, Downing LLP.
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