May 15 (UPI) -- French energy company ENGIE said first quarter revenues were driven by a global portfolio, though Belgium and France renewables were a main lift.
France has one of the least carbonized electricity sectors among members of the European Union. Most of its renewable power comes from hydroelectric resources. Leading with a renewable energy footprint in the region, ENGIE reported first quarter revenue of $20.7 billion was up more than 1 percent from last year.
"This growth is substantially explained by the strong increase in renewable power generation in France and in Belgium," the company stated.
ENGIE and its joint venture with insurance company Crédit Agricole Assurances are working to acquire around 500 megawatts of onshore renewables by the end of the year. ENGIE by the fourth quarter had 2.6 gigawatts of installed onshore wind and solar polar capacity in its portfolio.
In announcing its first quarter earnings, the company said it was successful in repositioning itself as a low-carbon leader. In the French market, the company attributed gains to a strong increase in wind and hydroelectric power generation, which is up nearly 40 percent.
Globally, the company said it was emerging as a wind developer in the United States.
ENGIE late last year joined eight other European energy companies in making a pledge to develop what they said was the "most dynamic segments of sustainable finance today, the green bond market."
The first green bond was issued a decade ago and, since then, the companies said financing for renewables has accelerated in parallel to the awareness of the need to address climate change