The French group’s revenues of €65 billion for 2017 marked a 0.3% increase on 2016, due to asset sales in the US, Poland and the UK, Engie’s annual results show.
Meanwhile, the utility’s operating profit (Ebitda) fell slightly year-on-year, from €9.49 billion to €9.31 billion. Engie stated that 90% of this came from "low CO2 activities".
Engie’s CEO, Isabelle Kocher, said: "We achieved an ambitious repositioning by reinvesting massively in low CO2 generation, networks and client solutions, laying the foundations for future growth."
Last year, Engie invested in several renewable energy projects — including in wind.
In its native France it acquired a wind portfolio of more than 400MW with the takeover of La Compagnie du Vent.
It also achieved financial close on the 55MW Sainshand wind farm — making its market entry in Mongolia. Engie will build and operate the project.
Working with Portuguese developer EDPR, it secured a deal worth £57.50/MWh (€64.10/MWh) for the 950MW Moray Offshore Wind Farm East site in the UK.
The utility also launched a joint venture with investors the Abraaj Group to develop a 1GW-plus portfolio of wind projects in India.
In Egypt, Engie is part of a consortium which will build, own and operate (BOO) a 262.5MW wind farm in Ras Ghareb in the Gulf of Suez.
Engie also with French insurance company Crédit Agricole Assurances, and set a target of owning 3GW of installed wind power capacity by 2021.
In January 2018, Engie issued its to fund renewable energy or energy efficient projects, as well as research and development investment in these areas. The €1 billion bond has a coupon of 1.375% and will be callable in April 2023.
And last month, its North American subsidiary acquired wind and solar developer Infinity Renewables and its 8GW-plus pipeline.
French wind
Margins from Engie’s wind farms in France helped contribute toward a 12% rise in operating profit (Ebitda) year-on-year in the utility’s French segment, .
Operating profit for Engie’s French segment increased from €1.31 billion in 2016 to €1.47 billion in 2017 due to "higher power volumes", "margins from DBSO (design, build, sell, operate) activities in wind and solar", and "good performance from networks activities", it stated.
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