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Amundi buys majority stake in gas-fired cogeneration plants in France
January 10, 2017 / 2:32 PM / 8 months ago

Amundi buys majority stake in gas-fired cogeneration plants in France

The Amundi company logo is seen at their headquarters in Paris, France, October 7, 2015. REUTERS/Philippe Wojazer

LONDON (Reuters) - A joint venture between asset management company Amundi (AMUN.PA) and French utility EDF (EDF.PA) has bought a majority stake in 132 gas-fired cogeneration plants in France for 150 million euros (131.02 million pounds), Amundi said on Tuesday.

Amundi Energy Transition bought the stake in the plants, which have a total capacity of 330 megawatts (MW), from Dalkia, a French energy services company which is also an EDF subsidiary, it said in a statement.

Cogeneration, also known as combined heat and power, can produce heat and electricity at the same time from the same facility.

Such plants can recover heat produced as a by-product of power generation and reuse it in industrial processes and to produce energy for hospitals and public housing.

Amundi Energy said it was also working on a second deal this year for a separate 170-MW group of Dalkia cogeneration projects which are currently under construction.

Reporting by Nina Chestney. Editing by Jane Merriman

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