Engie wins €2.4B Paris cooling network contract
Dec. 06, 2021 12:56 PM ETEngie SA (ENGIY)By: Carl Surran, SA News Editor1 Comment
- French utility Engie (OTCPK:ENGIY +0.2%) says it has won a 20-year concession from the city of Paris to expand the city's cooling network starting in April 2022.
- Engie says the venture with Fraicheur de Paris, in which it owns 85%, will have projected revenue of €2.4B throughout the life of the contract, which includes a 158 km network extension.
- The cooling network, which will run on 100% renewable electricity, will be expanded to include cooling for hospitals, schools and other buildings, as well shops, some housing units and other establishments.
- The network has been operated since 1991 by Engie's Climespace unit.
- Seeking Alpha contributor says Engie would be an obvious beneficiary if France pivots back to nuclear power.