French energy company ENGIE, formerly GDF Suez, expands global footprint with move deeper into Latin American market. File Photo by UPI Photo/Eco Clement | License Photo
PARIS, July 22 (UPI) -- After a string of moves into the Asian market, French energy company ENGIE said Wednesday it was moving deeper into Latin America with a Chilean acquisition.
For an undisclosed sum, the French company said subsidiary Cofely completed the purchase of industrial services provider IMA Chile.
"[The acquisition] will contribute to accelerate [ENGIE's] development in the industrial market, develop energy efficiency and decentralized energy proposals to the current customers of IMA," the French company said in a statement. "ENGIE will thus use this platform to enter in energy services in other Latin American countries like Peru."
The acquisition means ENGIE's footprint in the Chilean market includes 1,700 employees and $70 million in yearly revenues.
ENGIE, known formerly as GDF Suez, said the Latin American move is part of its strategy to bring its European leadership in low-carbon energy to the international community.
ENGIE said the name change from GDF Suez was a sign of the "profound" transformation underway in the global energy sector. The transition, it said, is characterized by decarbonization and development of renewable energy resources.
Outside of Europe, the company in February became a preferred bidder for the 100 megatwatt Kathu Solar Park in South Africa, a country that set a target of adding about 1.6 MW of new renewable energy to its grid each year.
ENGIE moved on at least three separated liquefied natural gas deals with its Asian counterparts in the last calendar month.