PARIS, Jan. 3 (UPI) -- An arrangement with the leading insurance company in France helps with the goal of doubling wind power capacity in the country, French power group ENGIE said.
The French company said it build up its partnership with Crédit Agricole Assurances, the leading insurer, by absorbing the onshore wind power portfolio held by Maia Eolis.
ENGIE completed an acquisition of Maia Eolis, which specialized in wind farm construction and development, in May.
"Under the agreement, the wind farms operated by Maia Eolis, representing total installed capacity of 267 megawatts, will be transferred to FEIH, the joint venture established by ENGIE and Crédit Agricole Assurances," the companies explained.
ENGIE counts an installed wind power capacity of more than 1,700 MW in France. The French power company said its relationship with the insurer will help with its balance sheet and, as a result, strengthen its regional footing in the wind power sector.
France has one of the least carbonized electricity sectors among members of the European Union. Wind power lagged behind other forms of renewable energy, however, with most of it coming from hydroelectric resources.
France has a goal of using renewable energy to satisfy about a quarter of its energy consumption through renewable energy by the end of the decade and establish itself as a regional leader in wind power technology.
"This deal strengthens the ambitious long-term strategic partnership initiated in 2013 between ENGIE and Crédit Agricole Assurances, the aim of which is to enlarge our shared portfolio of wind power assets in keeping with ENGIE's ambitions of doubling its wind power capacity in France within the next five years," Gwenaelle Huet, ENGIE top executive for the French renewables markets, said in a statement.