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Aug 10, 2023

Engie to acquire Texas

The logo of Engie is seen at a charging station for electric vehicles in Guignicourt, France, January 30, 2023. REUTERS/Pascal Rossignol/File Photo Acquire Licensing Rights Aug 24 (Reuters) - France's

The logo of Engie is seen at a charging station for electric vehicles in Guignicourt, France, January 30, 2023. REUTERS/Pascal Rossignol/File Photo Acquire Licensing Rights

Aug 24 (Reuters) - France's Engie (ENGIE.PA) on Thursday said it is acquiring full ownership of Broad Reach Power, a power storage company based in Houston, Texas, as it seeks to expand its global battery infrastructure.

The deal signed with private equity firms EnCap and Apollo involves the purchase of operating assets with a capacity of 350 megawatt while projects equivalent to 880 megawatt are currently under construction and another 1.7 gigawatt in advanced project stage, Engie said.

The transaction is expected to be completed by the fourth quarter of this year. Financials were not disclosed.

Reporting by Olivier Sorgho, Editing by Tassilo Hummel

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