Leading energy company ENGIE has successfully completed the acquisition of Ixora Energy Ltd, a prominent biomethane producer based in the United Kingdom since 2017. The acquisition, valued at £64.8 million (€74.6 million), was secured from responsible investment manager Downing LLP.
This strategic move represents a significant expansion of ENGIE's portfolio, with the addition of three new production units located in Devon and Somerset. Collectively, these units generate approximately 160 GWh of biomethane annually. Additionally, the acquisition strengthens ENGIE's pipeline of projects in the crucial biomethane market, further enhancing the company's position in the renewable energy sector.
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ENGIE has already established itself as a prominent biomethane producer in France, boasting an installed production capacity of 670 GWh as of June 30, 2023. With this acquisition, ENGIE continues its strategic expansion in Europe and accelerates its presence in the United Kingdom's renewable energy landscape.
As part of its commitment to sustainability, ENGIE has set an ambitious target of achieving 10 TWh per year of biomethane production capacity in Europe by 2030. This acquisition represents a significant step toward realizing this goal, following an earlier increase in ambition earlier this year.
Cécile Prévieu, ENGIE's Executive Vice President in charge of networks activities, emphasized the alignment of this acquisition with the company's commitment to a diversified energy mix and Europe's decarbonization efforts. Prévieu stated, “This acquisition resonates deeply with our commitment to a diversified energy mix where biomethane stands as a pivotal force in Europe's decarbonization and energy sovereignty, while ensuring a resilient and affordable energy transition. In this way, ENGIE is committed to contributing to the UK's goals for renewable energy and decarbonization.”
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Darren Stockley, Managing Director of Ixora, expressed enthusiasm for joining ENGIE and contributing to the UK's green energy future. He highlighted the potential for synergy between the companies and their combined expertise in advancing renewable energy solutions. Stockley commented, “The Ixora team are excited to join ENGIE and to be part of their ambitions for the UK's green energy future. This marks a significant opportunity, and we believe that the combined expertise and experience of the companies will create a powerful synergy. We look forward to contributing to ENGIE's commitment to reach net zero carbon by 2045.”
