By Alberto Delclaux 
 

Engie SA (ENGI.FR) on Wednesday said it has agreed to sell its 69% stake in Thailand-listed power producer Glow Energy PCL (GLOW.TH) to Global Power Synergy PCL (GPSC.TH) for 2.6 billion euros ($3.01 billion).

With the divestment, French energy company Engie's global installed capacity for coal-fired generation will decrease by 14% and it will no longer operate coal-fired assets in the Asia-Pacific region.

Engie said the disposal forms part of its strategy to reduce its carbon footprint and proceeds will be reinvested in projects in line with that strategy.

The company said the transaction--expected to close before year-end--will reduce its consolidated net debt by EUR3.3 billion.

 

Write to Alberto Delclaux at alberto.delclaux@dowjones.com

 

(END) Dow Jones Newswires

June 20, 2018 02:04 ET (06:04 GMT)

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