The giant French utility Engie is understood to have hired an adviser to work with it on a possible sale of its German power plant assets, as the company continues to look to reduce its exposure to fossil fuels.
JPMorgan is believed to have been hired to work on the potential asset sale which, sources suggest, could bring in a few hundred million euros and could include Engie’s interests in three hard coal-fired power plants as well as its local retail business. There is a possibility that it could also include an 800MW plant in the Netherlands, a source added.
Two names that have been mooted as potential buyers are Germany’s RWE as well the Czech Republic’s EPH, which could be interested given that they have bought conventional power assets or have said they are looking to do so.
In Germany, Engie’s power plant assets comprise the 472MW Zolling plant close to Munich, the 351MW Farge plant and the group holds a 52% interest in a 731MW plant in Wilhelmshaven.