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GDF SUEZ to Acquire Energy Broker-Manager Ecova
GDF SUEZ has entered into an agreement to purchase Ecova, an indirect subsidiary of Avista Corp., for $335 million in cash, less the payment of debt and other customary closing adjustments.
GDF SUEZ said that the acquisition, which will be accomplished through its Cofely energy services business, is in line with its strategy to develop its "European-leading" position in energy services on an international scale.
"This acquisition enables GDF SUEZ to enlarge its capabilities in the growing field of data management to improve energy supply and resource consumption," GDF said.
Ecova serves more than 700,000 client sites and employs more than 1,450 individuals based in 18 offices across North America. Ecova manages $20 billion of utility expenses (energy representing the majority) and generated $180 million of revenues in 2013.
Commenting on the acquisition, Jérôme Tolot, GDF SUEZ Executive Vice President in charge of Energy Services, said: "This acquisition is a major step for the Group in energy efficiency. It will reinforce our expertise in energy data management and combined with our multi-technical know-how in energy efficiency. We will be able to offer innovative and concrete services to assist our clients with the transition to a low carbon economy."
Through its retail electricity business, GDF SUEZ already offers energy efficiency solutions in the North American market, as well as customized demand response and renewable solutions to commercial and industrial customers
More widely, GDF SUEZ manages a range of energy businesses in the United States, Mexico, and Canada, including electricity generation and cogeneration, natural gas and liquefied natural gas (LNG) distribution and sales, and retail energy sales and related services to commercial and industrial customers.
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May 30, 2014
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Copyright 2010-14 EnergyChoiceMatters.com
Reporting by Karen Abbott • kabbott@energychoicematters.com
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