Engie France Is Considering The Acquisition Of Emcor – Market News Wire 24
The Market News Wire

Engie France Is Considering The Acquisition Of Emcor

Engie, a French multinational utility firm, disclosed that it is considering the acquisition of Emcor Group. The firm has taken this move as it attempts to spread out in the U.S. market, reported Bloomberg last week, citing individuals familiar with the matter. Reportedly, Engie is working with advisers to hunt an agreement for the US-based mechanical & electrical construction and facilities services firm. However, at the present moment, no concluding decision has been made and the French firm might decide against the offer, according to Bloomberg.

Earlier this month, an association headed by Engie won a proposal for Petrobras’ TAG pipeline section with about $8.6 Billion offer. The firm took this move in order to boost its presence in the fast-developing Brazil market. When approached for comments, neither Emcor nor Engie immediately responded to Reuters’ request.

On a similar note, Engie North America came into the news as it announced that it began the Jumo Hill Wind Project construction in Texas. ENGIE North America is the regional subsidiary of French international utility firm ENGIE. Reportedly, the latest project is estimated to be concluded and brought online by 2020 spring.

The latest 160 MW Jumbo Hill project is supposed to offer electricity and Renewable Energy Credits to an as yet unannounced or unnamed corporate customer. This deal is supposed to be named as a virtual PPA (Power Purchase Agreement). The latest project has as well already taken entry into a Proxy Revenue Swap for a part of its cohort with specialist weather risk team from the Allianz Global Corporate & Specialty. It is said to be carried out in partnership with its associates at Nephila Climate. This project, which holds a budget of about $150 Million, is supposed to comprise of about 57 of GE Renewable Energy’s 2 MW wind turbines.

Comments are closed.