GDF Suez buys U.S. renewable energy firm

Paris-based GDF Suez Energy International (EPA: GSZ) said today it has acquired 97.7 percent of Boulder, Colo.-based Ecoenergy International (LSE: ECG.L).

GDF Suez said it paid £39 million ($60.3 million USD) for the stake in Ecoenergy, which operates, develops, builds, owns and operates renewable power projects in Latin and North America.

Ecoenergy's 266-megawatt portfolio includes hydroelectric and wind power projects in Bolivia, Brazil, Mexico, Costa Rica and Chile. In the U.S., Ecoenergy generates renewable electricity from biomass resources including agricultural wastes, dedicated energy crops and municipal solid waste.

The company has about 200 MW of projects in various stages of development. 

Ecoenergy also works in carbon trading, energy efficiency and carbon-footprint management.

GDF Suez CEO Dirk Beeuwsaert said the acquisition is expected to strengthen the company in wind, small hydro, carbon credits and non-conventional renewables "in markets where GDF Suez already has a presence or aspires to take positions."

GDF first made the offer for Ecoenergy on June 13.

Ecoenergy applied to the London Stock Exchange today to delist its shares, valued today at 43 pence, starting at 7 a.m. on Nov. 25.

Shares of GDF Suez were down 1.5 percent at the close of trading.

GDF Suez was formed by the merger of Gaz de France and Suez in July (see Suez to spin off water and waste division). 

In September, GDF Suez subsidiary SUEZ Energy North America announced plans to acquire Hartford, Conn.-based FirstLight Power Enterprises, which has an energy generation portfolio of 1,538 MW of hydropower and other projects. The deal, reportedly worth €1.28 billion ($1.87 billion USD), was intended to strengthen GDF in the core market of New England, the company said (see GDF Suez to acquire U.S hydropower provider).

GDF Suez employs 196,500 across the globe and generated €74.3 billion in revenue in 2007.