PARIS: Heavily-indebted French energy group GDF Suez announced yesterday the sale of 60 percent of its renewable energy interests in Canada worth 1.5 billion euros ($2.0 billion) and the creation of a joint venture with the two buyers.
The sale will enable GDF Suez to reduce its net borrowings by about 1.0 billion euros and to increase the money raised from a program of asset sales to 3.9 billion euros compared with a target of 5.0 billion euros for this year, the company said in a statement.
The two buyers are the Japanese industrial conglomerate Mitsui & Co., and a consortium headed by Canadian fund Fiera Axium. Each of these two will have an interest of 30 percent.
The assets concerned are mainly wind-power generators and a few solar projects representing in total about 680 megawatts, of which 363 MW are installed and 318 GM are due to come on line in 2013-2014.
Mitsui & Co. said the deal concerned seven operational wind-generator parks, three projected parks and two solar parks in the provinces of Ontario, New-Brunswick, Prince Edward Island and British Columbia.
GDF Suez Chief Executive Gerard Mestrallet said that the fact the French group was remaining as the main shareholder reflected the attractiveness to the group of the Canadian renewable energy industry.
At the beginning of December, GDF Suez said that it was accelerating its policy of selling assets, aiming to raise 11 billion euros in 2013 and 2014, and would also take other steps to reduce its debt which has risen by a third in two years with the acquisition of British company International Power.
The target is to reduce borrowings to 30 billion euros by the end of 2014.
The price shares in GDF Suez was showing a fall of 0.52 percent to 15.20 euros at mid-day. The share had fallen sharply last week after the group downgraded its outlook and accelerated its cost-saving program.
GDF Suez unveils $ 2 billion asset sale in Canada
GDF Suez unveils $ 2 billion asset sale in Canada
LuLu launches Italian Food Festival 2025 across the Kingdom
LuLu Saudi Arabia has announced the launch of the Italian Food Festival 2025, a weeklong culinary showcase bringing the richness of Italian cuisine to shoppers across the Kingdom. The festival is being held at all LuLu stores in Saudi Arabia, reflecting the retailer’s commitment to offering world-class international food experiences.
The event was inaugurated in the presence of distinguished guests, including Dr. Giovanna Mariotto, head of the Consular and Visa Section; Dr. Romano Baruzzi, head commissioner for Italy in Saudi Arabia and Kuwait; and Dr. Ahmed Soliman, trade analyst at the Italian Trade Agency in Riyadh. Mohammed Haris, director of LuLu Saudi Arabia, along with senior management representatives, also attended.
Authentic Italian experience
The Italian Food Festival 2025 features a wide selection of traditional Italian products, including cheeses, pasta, sauces, olive oils and premium grocery items, as well as fresh fruits and vegetables imported from Italy. LuLu’s hot food and bakery sections are serving freshly prepared Italian dishes daily, giving customers the chance to enjoy authentic flavors crafted with quality ingredients.
Through initiatives such as the Italian Food Festival, LuLu Saudi Arabia continues to strengthen its position as a preferred destination for global cuisines, offering customers access to international products while maintaining high quality standards and competitive pricing. The festival enhances the shopping experience by combining variety, authenticity and culinary discovery under one roof.
