TRANSACTION OVERVIEW

  • On July 1, 2015, ENGIE announced its acquisition of a 95% stake in Solairedirect with 100% voting rights to become the solar market leader in France and with a global pipeline in high growth emerging markets
  • In addition to the acquisition, ENGIE completed a €130 million capital increase to support the development of Solairedirect with the aim of developing 125 MW of utility-scale solar PV per year in the near future

SOLAIREDIRECT OVERVIEW

  • Founded in 2006 and headquartered in Paris, France, Solairedirect is a global solar company active in the development, construction, operation, maintenance and investment in utility-scale solar PV parks across four continents that had revenues of €173 million during its FY ending March 2015
  • Solairedirect has developed 57 solar PV parks, generating a total capacity of 486 MW, and operates a gross capacity of 224 MW in France
  • The transaction will allow Solairedirect to develop its pipeline amounting to more than 4.5 GW globally at the pre-construction phase, 434 MW of which are set to be built within 6 to 18 months from transaction closing

ENGIE OVERVIEW

  • ENGIE is a €39 billion market capitalization company engaged in the provision of gas, electricity and energy related services in 70 countries
  • In Europe, ENGIE intends to double its renewable electricity capacity between 2015 and 2025 to reach 16 GW
  • In high-growth emerging markets, this acquisition will help to speed up ENGIE’s development, in line with its strategy to become the benchmark energy supplier in these markets
  • The transaction allows ENGIE to bolster its position in the solar sector and makes it the market leader in France with a total gross installed capacity of 383 MW, while strengthening ENGIE’s global position by leveraging Solairedirect’s presence in more than 15 countries

GCA’S ROLE

  • GCA served as the exclusive financial advisor to Solairedirect and helped structure, analyze and negotiate the terms of the sale to ENGIE
  • GCA worked with Solairedirect’s shareholders and the management team for 15 months, by supporting the company to refine and implement a new strategy and develop a 5 year strategic plan
  • The transaction highlights GCA’s broad spectrum of services underlined by in-depth expertise in the solar sector as well as capabilities to provide strategic and financial advice

WHAT THE TRANSACTION MEANS FOR THE SOLAR SECTOR

  • This flagship transaction represents ENGIE’s largest acquisition in the solar sector to date and highlights the increasing focus of utilities on the renewable energy sector
  • It also demonstrates the predominance of solar as the preferred, most reliable and cost efficient renewable energy technology
  • The transaction provides validation of a fully integrated business model crystallizing value along the solar value chain