Credit Agricole buys into GDF wind

Credit Agricole's HQ.

Credit Agricole's HQ.

French finance giant Credit Agricole will buy a 50% stake in a 440MW onshore wind portfolio owned by compatriot utility GDF-Suez, in a deal the two said marks the start of a wider partnership in wind power.

Insurance arm Crédit Agricole Assurances has agreed to buy the half share in Futures Energies Investissement Holding (FEIH), a subsidiary of GDF-Suez.

The utility said the sale will allow it to cut its debt by about €400m ($550m) after completion, scheduled for the first quarter of next year – and help it move forward with plans to expand its total French onshore wind capacity to more than 2GW by 2016 from a current 1.2GW.

A statement said: “This transaction inaugurates an ambitious long-term partnership with the objective of expanding the wind energy asset portfolio of FEIH.”

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