By Giulia Petroni

Engie SA and Credit Agricole SA's insurance arm have reached an agreement to acquire a 97.33% stake in Spanish renewable-power producer Eolia Renovables from Canada's Alberta Investment Management Corp.

The French utility company on Thursday said that the transaction includes ownership and operation of 899 megawatts of operating assets in onshore wind and photovoltaic, as well as a 1.2 gigawatt pipeline of renewable projects.

Engie will own 40% of the operating assets and develop and build the pipeline projects.

The acquired assets benefit from a regulated scheme that ensures predictability of returns over the next decade, according to the company.

The deal should be completed in the first quarter of 2022, subject to conditions including merger control clearance from the relevant competition authorities.

Financial details weren't disclosed.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

November 11, 2021 03:22 ET (08:22 GMT)

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