French energy giant expands presence in Ningbo

French utility company Engie expanded its presence in China's renewable energy sector after acquiring Ningbo Zhenhai Sennuo Investment Co Ltd, a subsidiary of Zhejiang Unisun Renewable Energy Co Ltd, for $170 million on Nov 6.

Engie is a French multinational electric utility company, headquartered in La Défense, Courbevoie. In 2018, its revenue stood at 60.6 billion euros ($67 billion).

The acquisition agreement was reached on the sidelines of the ongoing second China International Import Expo (CIIE) in Shanghai.

This is the third time that the French energy behemoth has invested in Ningbo.

In 2017, Engie partnered with Unisun, a solar photovoltaic (PV) company headquartered in Zhenhai district of Ningbo to jointly establish a company.

A year later, Engie stepped up investment in Zhenhai by making a 30 percent equity investment in Unisun.

The company has an ambitious goal to develop 4 gigawatts worth of PV projects in the next five years in China, and its investment in Unisun gives it a foothold in the world's biggest and most promising renewable power market.

Thus far, Engie's investment in Zhenhai has amounted to 1.5 billion yuan ($223.8 million) in total.