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French utility ENGIE has announced that it is selling its shares in coal-fired power stations in the Netherlands and Germany. It has signed an agreement with Riverstone Holdings for the sale of its coal assets that represent a total installed capacity of 2.3GW.
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Following the sale of its stakes in the Rotterdam plant in the Netherlands and the Farge, Zolling, and Wilhelmshaven plants in Germany, coal will represent 4 per cent of ENGIE’s global power generation capacity, down from 13 per cent at the end of 2015, when the company announced that it would gradually close or dispose of its coal assets. The utility said it had reduced its coal-based electricity generation capacity by around 75 per cent over the last three years.
Isabelle Kocher, CEO of ENGIE, said: “We are focusing investments on solutions for corporates and local authorities, large-scale development of renewable energy and the necessary adaptation of power and gas networks to the energy transition. We will allocate €12 billion to these activities from 2019 to 2021.”