ENGIE announces the acquisition of Ixora Energy Ltd, a leading biomethane producer based in the UK since 2017. The acquisition, secured for £64.8 million, was made from the responsible investment manager, Downing LLP.
This strategic move marks the addition of three new production units to ENGIE’s portfolio, which are located in Devon and Somerset, collectively generating c. 160 GWh of biomethane annually. It also consolidates its pipeline of projects in this crucial market.
As a leading producer of biomethane in France, with an installed production capacity of 670 GWh as of 30 June 2023, ENGIE continues its expansion in Europe and accelerates its development in the United Kingdom, a fast-growing market.
With a target of 10 TWh per year of capacity by 2030 in Europe, this acquisition is a significant step after the release of an increased ambition earlier this year. The Group's sustained investment in biomethane complements its goal of achieving net zero carbon emissions by 2045 and meeting the decarbonization needs of its customers.
Cécile Prévieu, ENGIE Executive Vice President in charge of Networks activities stating: “This acquisition resonates deeply with our commitment to a diversified energy mix where biomethane stands as a pivotal force in Europe's decarbonization and energy sovereignty, while ensuring a resilient and affordable energy transition. In this way, ENGIE is committed to contributed to the UK's goals for renewable energy and decarbonization.”
