Business highlights

  • Robust activity in Renewables & BESS, with 8.5 GW under construction across more than 100 projects at the end of March 2025
  • Acquisition of two hydropower plants in Brazil (612 MW) and a portfolio of Renewable assets in the United Kingdom (157 MW)
  • Award of a new electric substation in Chile
  • Closing of the nuclear transaction in Belgium

Financial performance

  • EBIT excluding nuclear at €3.7bn, an organic increase of 2.1%, mainly driven by Infrastructures and favorable timing effect
  • Cash Flow From Operations1 at €4.0bn in Q1 2025
  • Maintaining a solid balance sheet with an economic net debt/EBITDA ratio down to 3.0x
  • Economic net debt reduced by €1.8bn
  • FY 2025 guidance confirmed with NRIgs2 expected in a range of €4.4-5.0bn

 

For more information on the Q1 Results visit our global page >> https://www.engie.com/en/news/2025-first-quarter-results

HOUSTON, May 15, 2025 /PRNewswire/ — ENGIE North America (ENGIE) announced that it has entered into a partnership with funds managed by CBRE Investment Management (CBRE IM) on a portfolio of battery storage assets in Texas and California.

This transaction is one of ENGIE’s largest operating portfolio partnerships in the U.S. and one of the sector’s largest sales completed to date. ENGIE will retain a controlling share in the portfolio and will continue to operate and manage the assets.

The 2.4 GW portfolio consists of 31 projects in operation in Electric Reliability Council of Texas (ERCOT) and California Independent System Operator (CAISO) territories.

“We are delighted that ENGIE and CBRE IM are partnering in this industry-leading transaction, supporting 2.4 GW of storage that will support the growing demand for power in Texas and California. The scale of this portfolio reflects ENGIE’s commitments to meeting the energy needs of the U.S. and increasing the resilience of the ERCOT and CAISO grids,” said Dave Carroll, Chief Renewables Officer and SVP, ENGIE North America. “CBRE IM’s investment reflects their confidence in ENGIE’s proven track record in developing, building, operating and financing renewable assets, both in North America and globally.”

ENGIE is a leader in meeting growing energy needs in North America where it currently has more than 11 GW of renewable production and battery storage in operation or construction. This transaction supports ENGIE’s strategy in North America by simultaneously recycling capital and adding a leading, globally recognized investor to ENGIE’s select pool of partners. The size of this portfolio focused on battery storage assets reflects ENGIE’s global aspirations to grow in this space.

“We are excited to partner with ENGIE on this high-quality, scaled battery storage portfolio with a strong operating track record,” said Robert Shaw, Managing Director, Private Infrastructure Strategies at CBRE Investment Management. “This investment reflects our proven strategy of investing in infrastructure 2.0 assets that leverage the breadth of the CBRE IM platform and benefit from strong contracted revenue and macro digitalization and decarbonization tailwinds.”

 

About ENGIE North America

Based in Houston, Texas, ENGIE North America Inc. is a regional hub of ENGIE, a major player in the energy transition, whose purpose is to accelerate the transition towards a carbon-neutral economy. With 98,000 employees in 30 countries, the Group covers the entire energy value chain, from production to infrastructures and sales. ENGIE combines complementary activities: renewable electricity and green gas production, flexibility assets (notably batteries), gas and electricity transmission and distribution networks, local energy infrastructures (heating and cooling networks) and the supply of energy to local authorities and businesses. Every year, ENGIE invests more than €10 billion to drive forward the energy transition and achieve its net zero carbon goal by 2045. ENGIE (ENGI), is listed on the Paris and Brussels Stock Exchanges. For more information on ENGIE in North America, please visit our website at www.engie-na.com or our LinkedIn.

About CBRE Investment Management

CBRE Investment Management is a leading global real assets investment management firm with $149.1 billion in assets under management* as of March 31, 2025, operating in 20 countries around the world. Through its investor-operator culture, the firm seeks to deliver sustainable investment solutions across real assets categories, geographies, risk profiles and execution formats so that its clients, people and communities thrive.

CBRE Investment Management is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE), the world’s largest commercial real estate services and investment firm (based on 2024 revenue). The company has more than 140,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE Investment Management harnesses CBRE’s data and market insights, investment sourcing and other resources for the benefit of its clients. For more information, please visit www.cbreim.com.

*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Investment Management provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Investment Management’s presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers and from its calculation of regulatory assets under management for purposes of certain regulatory filings.

 

Contacts:

ENGIE North America
Michael Clingan, External and Press Relations
Michael.clingan@external.engie.com
C +1 832-745-6057

CBRE IM
Josh Stoffregen-Foye
Head of Media Relations
CBRE Investment Management
200 Park Avenue | Suite 2001 | NY, NY 10166
C +1 347-882-0148
josh.stoffregenfoye@cbreim.com | LinkedIn

HOUSTON – ENGIE North America (ENGIE) announced it has entered into a preliminary agreement with Cipher Mining Inc. (NASDAQ:CIFR) (“Cipher”) to enter into a power supply agreement to power a Cipher data center in Texas. Once executed, the agreement would allow Cipher to purchase up to 300 megawatts (MW) of clean energy from one of ENGIE’s wind facilities.

The new arrangement would leverage the wind project’s renewable energy generation to power the co-located data center, helping to alleviate an already congested transmission area. This helps offset basis risk and mitigate curtailment challenges especially in regions like West Texas, where wind and solar resources are abundant but often face constraints due to transmission bottlenecks and curtailment.

By pairing the data center with renewable energy, this strategic collaboration supports the use of surplus energy during periods of excess generation, while enhancing grid stability and reliability.
“ENGIE is committed to pursuing innovative solutions that maximize the value of renewable generation and improving cost effectiveness of delivering clean energy supply to our customers,” said David Carroll, Chief Renewables Officer & SVP, ENGIE North America. “We are focused on meeting the growing need for power by our customers as they expand their operations in the U.S. and renewables is an essential part of supplying this increasing demand.”
This agreement continues to reflect ENGIE’s position as one of the leading providers of power purchase agreements globally.

###

About ENGIE North America
Based in Houston, Texas, ENGIE North America Inc. is a regional hub of ENGIE, a major player in the energy transition, whose purpose is to accelerate the transition towards a carbon-neutral economy. With 98,000 employees in 30 countries, the Group covers the entire energy value chain, from production to infrastructures and sales. ENGIE combines complementary activities: renewable electricity and green gas production, flexibility assets (notably batteries), gas and electricity transmission and distribution networks, local energy infrastructures (heating and cooling networks) and the supply of energy to local authorities and businesses. Every year, ENGIE invests more than €10 billion to drive forward the energy transition and achieve its net zero carbon goal by 2045. ENGIE (ENGI), is listed on the Paris and Brussels Stock Exchanges. For more information on ENGIE in North America, please visit our website at www.engie-na.com or our LinkedIn page.

Contact:
ENGIE North America
Michael Clingan, External Relations
Michael.clingan@external.engie.com
832-745-6057

Responsible and sustainable land use is essential to the development and operation of solar projects. Our asset teams have a deep understanding of the long-term impacts of land use and ensure that while we harness clean energy, we also preserve the land’s future usability for generations to come. However, we don’t need to wait to implement these innovative, sustainable land management practices. We are developing best practices in solar farm management by implementing agrivoltaics and ecovoltaics.

Ecovoltaics is a practice that considers all environmental and ecological benefits in solar energy production and agrivoltaics is the practice of integrating agricultural activities with solar energy production. While these practices are in their early stages, they are already showing promising results. These approaches not only optimize the use of land but also enhances its sustainability and biodiversity.


Agrivoltaics and ecovoltaics overview

By incorporating agrivoltaics and ecovoltaic practices into solar farm development, we can optimize sustainable land use to support biodiversity and local agriculture. From livestock grazing to planting pollinator-friendly habitats, here are a few key practices.


Agrivoltaics: Combining agriculture and energy production

Sheep grazing

Our Anson Solar site in Texas has integrated sheep grazing, which has led to better land management, reduced mowing costs, and enhanced vegetation health. Sheep grazing promotes soil health by naturally fertilizing the land and preventing soil erosion, contributing to the overall sustainability of the project.

Mowing can be incredibly expensive, so using sheep for vegetation management can be a cost-effective and sustainable alternative. Per acre, mowing costs are typically almost double the amount of sheep costs annually. Additionally, the solar panels create shade and temporary shelter for the animals, so they can be protected from the elements as they do their hard work.

Cattle grazing

Integrating cattle grazing without changing pile heights (steel beams that are drilled into the ground and support the racking system that attach to the panels) can be another cost-effective solution. Keeping pile heights the same is a newer concept. While the more common thought is that companies do need to raise pile heights, ENGIE is working with a company who has maintained current pile height with success. To limit steel costs, we will continue to explore this as an option for the future.

Landowners regularly ask to incorporate cattle grazing onto our sites, so this provides an opportunity to not only integrate agrivoltaics but also to collaborate with our key stakeholders. This practice has been successful in other regions and is being considered for our future projects to further enhance land use and sustainability.

Ecovoltaics: A holistic approach

When solar projects put ecosystems first, they contribute to environmental protection and biodiversity. Ecovoltaics is an umbrella term encompassing all nature-based solutions integrated into photovoltaic systems. This holistic approach to clean energy development ensures that projects are sustainable and beneficial both the environment and the community.

From the way water falls off solar panels to how the shade cools the grass underneath, many facets of solar energy production lead to environmental benefits. Micro-climates can exist underneath panels that attract insects which improve the pollination of nearby crops; and a diverse mix of native plants decreases erosion, nourishes the soil, and increases intake of carbon (CO2).

Our Ramsey Renewable Station project was recognized by the New York Times for its integration of best practices that promote biodiversity. In a world where North American birds are down almost 30 percent since 1970, 73 species of birds were documented at our Ramsey site — presumably attracted by the buffet of seeds and insects. Some build nests in the structures supporting the panels.

It is critical to take an intentional approach to integrating agrivoltaics into any site. Consideration should be given to how each facet of the land may relate to each other, and how the land will be sustainably maintained over time. For example, by establishing vegetation that is tailored to our individual sites before introducing sheep for grazing, we can ensure that the land is managed sustainably and efficiently.

Pollinator habitats

Pollinator habitats are another significant aspect of ecovoltaics. Incorporating native plants, which pollinators are attracted to, increases the likelihood of plant pollination — supporting biodiversity and improving ecosystems. By providing essential resources for the pollinators, these habitats improve crop yields and enhance the resilience of local agriculture.

Working with local vegetation experts to create pollinator habitats is key. We collaborate with experts who understand the local vegetation to integrate native plants into our seed mixes on our sites. This provides essential habitats for our pollinators such as bees, insects, butterflies, and other species which are crucial for our ecosystem

At our Sun Valley Solar project, we collaborate with a local beekeeper (who keeps the honey) to establish pollinator habitats, contributing to the health of the local ecosystem. The organization BeeOdiversity works with us to analyze pollen from the bees to understand which plants the bees are visiting. This can help predict future successful biodiversity and seed growth.


Community involvement

Community involvement is also a key component of successful agrivoltaics projects. Engaging landowners and stakeholders early in the development process ensures project success and fosters community support.

Collaboration with landowners and our communities helps us develop grazing management plans and other strategies that benefit both the environment and the community. For example, a rancher in Kentucky suggested integrating sheep grazing on an ENGIE solar site. By listening to the needs and wants of our landowners, we are able to create a project that meets their expectations, strengthens our relationship, and ensures long-term success.


Challenges and future goals

Implementing agrivoltaics is not without its challenges. These include upfront cost differences, insurance considerations, water sources, and wide-spread commitment. Despite these obstacles, the benefits such as long-term cost savings, environmental advantages, and improved community perception make agrivoltaics a worthwhile investment. Addressing these challenges requires a comprehensive approach that can include policy development, stakeholder engagement, and continuous learning from successful implementations.

To further enhance the effectiveness and efficiency of agrivoltaics, integrating advanced monitoring systems and adaptive management practices could also be beneficial. We are continuously researching and exploring different ways to integrate best practices into our projects. Additionally, some regions like California are beginning to incentivize agrivoltaics by requiring its implementation for solar project permits.


Setting industry standards

Agrivoltaics should be an aspiring industry standard across solar projects. At ENGIE, we have formed a Land Stewardship Working Group, with a goal to develop a policy or written framework that can be standardized internally and shared externally. This framework will outline criteria for our sites and guide the implementation of nature-based solutions tailored to each specific location. By setting industry standards, projects can benefit from shared knowledge and best practices, promoting continuous improvement and innovation.


The lasting impact of agrivoltaics

We must be stewards of the land we use and leave our ecosystems better than when we found them. Integrating innovative and sustainable solutions into solar energy projects through agrivoltaics maximizes land use, supports biodiversity, and enhances community acceptance. By embracing nature-based solutions, we are not only protecting and restoring ecosystems but also setting a new standard for our industry.

As we move towards adopting agrivoltaics as a standard practice, our focus must remain on creating a lasting positive impact. We need to build an energy infrastructure that supports our ecosystem, not degrades it. By prioritizing sustainability and community engagement, agrivoltaics can lead the way to a more resilient and sustainable energy sector.

The United States is experiencing an unprecedented surge in power demand as data center, AI and crypto technologies are expanding. The need for reliable and sustainable energy sources has become more pressing as these facilities require significant amounts of energy at all times. With AI driving innovation and increased energy consumption, it is imperative that the nation continues to invest in clean energy solutions to ensure reliability and to meet the unprecedented growing demand. The result of this investment is jobs across the chain for the industry, economic development in the communities we serve, and much needed upgrades to our infrastructure.

The Growth of Clean Energy

Driven by the near-term demand for inexpensive and available generation sources, clean energy is growing in the United States. Renewables now account for nearly 25% of the energy mix in the United States, a figure that continues to rise as investments pour into the sector. The pace of renewable capacity installations is forecasted to double between 2024 and 2030. 1

Solar projects in the US hit record breaking years in 2023 and 2024 and accounted for 66% of all new generating capacity in 2024. 3

Globally, renewable electricity generation is forecast to climb to over 17 000 terawatt-hours (TWh) by 2030, likely accounting for half of the global energy generation. Investment in electric power surpassed other energy projects in 2019, and the gap continues to widen. 2

The competitive costs of renewable energy technologies, combined with the long-term savings on fuel and maintenance, make clean energy an economically viable and attractive option for meeting the near and long-term growing power demands. As technology continues to advance, the efficiency of these power sources will only improve, further driving down costs and making clean energy more accessible and immediately available at scale and across the country. The U.S. needs to take a strong “all of the above” approach to generation deployment of which renewables and clean power are positioned to meet this moment of need.

The Role of Power Purchase Agreements (PPAs)

Power Purchase Agreements (PPAs) are also playing a crucial role in the growth and stability of the renewable energy sector. These long-term contracts between energy producers and consumers guarantee that a predetermined amount of energy will be purchased at a fixed price. By providing financial certainty and stability, PPAs have encouraged investment in renewable energy projects and support their long-term viability.

PPAs mitigate the financial risks associated with renewable energy projects by ensuring a stable revenue stream for energy producers. This predictability attracts investors and lenders, who are more likely to fund projects with guaranteed returns. Consequently, PPAs drive the development of new renewable energy facilities, contributing to the overall expansion of the sector.

Supporting Demand
On the buyers’ side, PPAs offer businesses and organizations a reliable and cost-effective source of renewable energy. By locking in energy prices for the duration of the contract, buyers can hedge against future price fluctuations and reduce their exposure to volatile energy markets while also contributing to their sustainability or clean energy commitments. This investment is particularly valuable for large energy buyers, such as data centers and industrial facilities.

PPAs also help facilitate the integration of renewable energy into the power grid. By providing a guaranteed market for renewable energy, PPAs encourage the development of infrastructure needed to support renewable energy generation. This includes investments in grid enhancements, energy storage solutions, and smart grid technologies that improve the efficiency and reliability of energy distribution.

The Role of AI in Power Demand

Cloud computing and the rapid emergence of artificial intelligence (AI) has contributed to exponential growth and increasing power demand in the United States. AI technologies can require significant computational power, leading to higher energy consumption. Data centers, which are the backbone of AI operations, consume vast amounts of electricity to process and store data. As AI applications expand across industries such as healthcare, finance, and manufacturing, the demand for power will continue to grow. Each of the major players within the space, are driving towards gaining their own competitive advantage over one another in a race to deploy much needed DC (direct current) capacity, thus driving forecasted and confirmed load growth to unprecedented levels.

Optimizing Energy Use with AI
While AI contributes to the rising power demand, it also offers solutions for optimizing energy use. AI can be employed to enhance the efficiency of renewable energy systems, predict energy consumption patterns, and manage power distribution. By leveraging AI, the clean energy sector can maximize its potential and ensure that the power grid operates at optimal levels.

Diversifying the Energy Grid
Designing better and more efficient power sources is essential for diversifying the energy grid. A diversified grid reduces the risk of over-reliance on a single energy source and enhances the overall resilience of the power system. Clean energy provides a balanced mix of power that meets the varying demands and at a rapid pace in the very near-term. Integrating renewable energy into the existing power grid requires careful planning and coordination by key stakeholders.

Advances in energy storage technologies, such as batteries and pumped hydro storage, are critical for managing the intermittent nature of renewable energy sources. By storing excess energy during periods of low demand and releasing it during peak times, these technologies ensure a steady and reliable supply of power. These technological advancements improve the grid to be smarter and more diversified, so that it can meet the increasing load growth.

Collaboration to Meet Energy Demand

The successful deployment of clean energy projects requires collaboration among hundreds of stakeholders. Landowners, local government agencies and regulators, partner companies, technology suppliers, and the buyers, either utilities or corporate purchasers, must work together to achieve the growing demand for clean energy solutions. Policy incentives, technological advancements, and public awareness are essential components in driving towards a reliable and sustainable energy future. Education, outreach and community engagement programs help raise awareness about the vast number of benefits that these projects bring.

Local Impacts of Clean Energy Projects

Renewable energy projects have far-reaching economic impacts on communities, fostering local development and job creation. These projects stimulate the local economies by generating employment opportunities in construction, maintenance, and operations of renewable energy facilities. Additionally, they often require support services such as engineering, legal, and management roles, further diversifying the job market and resulting in significant direct, indirect and induced benefits, oftentimes in rural areas of the United States which often have less access to diversified jobs and industries of growth.

In rural areas, utility-scale renewable energy projects provide a stable source of income for farmers and landowners through leases and royalties for land use. The integration of renewable energy into local grids also leads to energy resilience, ensuring that communities have access to reliable and affordable power, which is crucial for economic stability and growth. Working with local communities is paramount to the success of a project as each community has unique needs and concerns for which these investments have proven impactful to provide updated school buildings or local services, ability to invest in teaching staff and curriculum, or even supporting local sports and activities for the next generation growing up in these communities.

The Path Forward

The demand for power generation in the United States presents both challenges and opportunities. We will need all available technologies to meet demand and achieve the energy transition. A balanced energy mix is essential to ensuring the flexibility and efficiency of the energy system. By embracing renewable, clean energy and leveraging the potential of AI, the nation can ensure a sustainable and resilient energy future.

As the demand for energy continues to rise, the importance of investing in and supporting renewable energy cannot be overstated. Together, we can build a future where clean energy powers our homes, businesses, and industries, ensuring a prosperous and sustainable tomorrow.

Sources:

1. Renewables 2024 – Analysis – IEA
2. Economic Growth Now Depends on Electricity, Not Oil – WSJ
3. Solar Market Insight Report 2024 Year in Review – SEIA
4. World Energy Outlook 2024 – Analysis – IEA
5. EnergyConnects.com
6. US National Power Demand Study – 2025
7. www.IEA.org
8. www.bcse.org
9. USSMI-2024 YIR-Executive Summary

Building and maintaining a safety culture is critical to business success; ensuring employees feel secure in their work and return home safely to their loved ones each day. Making safety a top priority means that every activity, whether on-site or in the office, is conducted with safety at its core. Our commitment to a safe working environment remains unwavering and is reflected in a comprehensive approach to risk management at the individual level.

The primary objective of any safety culture must be to make sure there is no life at risk. Through rigorous analysis, we have identified a few practical rules that if strictly followed, can prevent most accidents in our operational work. These rules, known as our Life Saving Rules, are designed to protect our employees, customers, contractors, and the communities we serve. They are not just guidelines but essential practices that save lives.


Our Nine Life Saving Rules

1. Be Hooked Up

  • Rule: Clip on your harness when working at height.
  • Falls from height are a leading cause of serious injuries and fatalities. Using a harness ensures that workers are protected from such risks.

2. Step Aside

  • Rule: Stay out of the path of moving vehicles and plant equipment.
  • Being struck by moving vehicles or equipment can result in severe injuries. This rule helps prevent such incidents by keeping individuals clear of these hazards.

3. Check

  • Rule: Verify that there is no live energy (mechanical, chemical, electrical, fluids under pressure, etc.) before starting work.
  • Uncontrolled energy sources can cause serious harm. Ensuring that all energy sources are de-energized before work begins is crucial for safety.

4. Make Sure

  • Rule: Only enter a trench if the appropriate wall supports are in place.
  • Trench collapses can be fatal. Proper wall supports prevent such collapses, ensuring the safety of workers inside the trench.

5. Control

  • Rule: Test that the atmosphere is safe before entering a confined space and monitor it as you work.
  • Confined spaces can contain hazardous atmospheres. Testing and monitoring the air quality to prevent exposure to dangerous gases and lack of oxygen.

6. Halt

  • Rule: Do not perform hot work until the fire or explosion risks have been eliminated.
  • Hot work can ignite flammable materials, leading to fires or explosions. Eliminating these risks before starting hot work is essential for preventing such incidents.

7. Avoid

  • Rule: Do not walk or stand under a load.
  • Suspended loads can fall unexpectedly, causing serious injuries or fatalities. Staying clear of suspended loads eliminates this risk.

8. Ban

  • Rule: Do not work under the influence of alcohol or drugs, including driving.
  • Impairment from alcohol or drugs significantly increases the risk of accidents. This rule ensures that all workers are in a fit state to perform their duties safely.

9. Stop

  •  Rule: Do not manipulate your phone or any other communication device while driving.
  • Distracted driving is a major cause of accidents. Keeping attention on the road prevents such incidents, ensuring the safety of drivers and others.

 

Enforcing our Life Saving Rules

It is not enough to have these rules exist simply as policy. Our daily safety culture ingrains these steps at the individual level. By building trust and dialogue about our commitments to safety, we can always “Think, Talk, and Act” through unsafe situations: our method for following our life saving rules. We think (proactive measures, incident monitoring, and root cause analysis), we talk (communicate around safety), and we act (take the correct measures of sharing safety).

 

We have implemented several measures to ensure compliance and foster a culture of safety:

  • Training: All employees and contractors undergo training on our Life Saving Rules, with real-life examples and decision-making exercises on when you would need to use the rules.

  • Assessment: We conduct regular safety audits, management visits and engagements to ensure that the Life Saving Rules are being followed. Any deviations are promptly addressed, and corrective actions are implemented.

  • Reporting: We encourage open communication and reporting of safety concerns. Employees can report unsafe conditions or behaviors without fear of reprisal. This feedback is crucial for continuous improvement.

  • Leadership commitment: Our leadership team is fully committed to safety, and they promote a safety-first mindset through the organization by spreading awareness on safety practices and leading by example.

  • Empowerment: We ensure that all employees understand that they have not only the right, but also the responsibility to speak out against unsafe practices. Everyone on a site has authority to stop work at any time to ensure safe practices are being followed. Safety is everyone’s responsibility.

Our Nine Life Saving Rules are vital practices that protect lives. By embedding these rules into our daily operations and fostering a culture of safety, we ensure that every individual at ENGIE feels secure in delivering their best work safely, and most importantly, reunites with their loved ones each day.

Additional Portfolio Brings Relationship to 3.7 GW of Investment in U.S. Generation

HOUSTON – ENGIE North America (ENGIE) announced that it recently expanded its partnership with Ares Management Infrastructure Opportunities funds (Ares) via the addition of a new almost 1GW portfolio. ENGIE will retain a controlling share in the portfolio and will continue to operate and manage the assets.

The overall 0.9 GW portfolio consists of three solar projects in operation across ERCOT and MISO, and one co-located battery storage project in ERCOT.

“The expansion of our relationship with Ares reflects the strength of ENGIE’s portfolio of assets and our track record of delivering, operating and financing growth in the U.S.,” said Dave Carroll, Chief Renewables Officer and SVP, ENGIE North America. “The addition of another almost 1 GW of generation and storage to our existing relationship reflects the commitment both ENGIE and Ares have to meeting growing demand for power in the U.S. and continuing to deploy clean energy.”

ENGIE is a leader in the energy transition and currently has more than 11 GW of renewable production in operation or construction across the U.S. and Canada. Globally, ENGIE has 51 GW of renewables and storage in operation, and targeting 95 GW by 2030.

This transaction supports ENGIE’s strategy of continued investment in North America by deepening its partnership with a leading infrastructure investor, recycling capital to facilitate continued expansion of renewable generation to meet strong demand for power in the U.S.

“We are excited to be expanding our relationship with ENGIE through this latest transaction,” said Steve Porto, Partner in Ares’ Infrastructure Opportunities strategy. “We have seen first-hand the ENGIE team’s strength as an operator, and the growth of this partnership reflects our shared confidence in the value proposition of this diversified portfolio and opportunities ahead in the infrastructure sector.”

 

###

 

About ENGIE North America

Based in Houston, Texas, ENGIE North America Inc. is a regional hub of ENGIE, a major player in the energy transition, whose purpose is to accelerate the transition towards a carbon-neutral economy. With 98,000 employees in 30 countries, the Group covers the entire energy value chain, from production to infrastructures and sales. ENGIE combines complementary activities: renewable electricity and green gas production, flexibility assets (notably batteries), gas and electricity transmission and distribution networks, local energy infrastructures (heating and cooling networks) and the supply of energy to local authorities and businesses. Every year, ENGIE invests more than $10 billion to drive forward the energy transition and achieve its net zero carbon goal by 2045. ENGIE (ENGI), is listed on the Paris and Brussels Stock Exchanges.  For more information on ENGIE in North America, please visit our website at www.engie-na.com or our LinkedIn page.

 

About Ares Management

Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, real estate, private equity and infrastructure asset classes. We seek to provide flexible capital to support businesses and create value for our stakeholders and within our communities. By collaborating across our investment groups, we aim to generate consistent and attractive investment returns throughout market cycles. As of December 31, 2024, including the acquisition of GCP International which closed on March 1, 2025, Ares Management Corporation’s global platform had over $525 billion of assets under management, with operations across North America, South America, Europe, Asia Pacific and the Middle East. For more information, please visit www.aresmgmt.com.

 

Contacts:

 

ENGIE North America

Michael Clingan, External Relations

Michael.clingan@external.engie.com

832-745-6057

 

Ares Management

Jacob Silber | Brennan O’Toole

media@aresmgmt.com

HOUSTON – ENGIE North America (ENGIE) announced today a contract with Einstein Bros. Bagels, a significant step in its commitment to providing 24/7 renewable energy to commercial customers by 2030, reinforcing the Group’s recently reaffirmed ambition to offer round-the-clock clean energy solutions worldwide. With this contract that runs through May 2027, ENGIE intends to match 90% of the hourly electricity consumption for 25 Einstein Bros.® Bagels locations in Texas with Renewable Energy Credits (RECs) from a portfolio of wind and solar assets including ENGIE’s Live Oak Wind Project in Texas. ENGIE’s unique position as a developer and operator of both renewable and flexible generation across North America, in addition to its market-leading internal risk management function, facilitates its ability to be a pioneer in this space.

As a major player in the energy transition, ENGIE commits to accelerate the transition to a carbon-neutral world, through reduced energy consumption and more environmentally-friendly solutions. Leveraging its diversified portfolio of renewable generation, storage, and flexible assets, ENGIE ensures reliable, decarbonized electricity supply to businesses of all sizes. The introduction of ENGIE’s 24/7 matching renewable energy solution in the U.S. to a network of food service locations highlights this commitment.

Achieving 24/7 renewable energy with hourly matching and reporting is a complex and technically challenging feat, compared to annual matching. “It requires tracking the hourly generation of multiple renewable resources and matching the RECs generated therefrom with hourly electricity consumption at the 25 Einstein Bros.® Bagels locations,” said David Benhamou, ENGIE North America’s head of power portfolio management.  

Einstein Bros.® Bagels had previously entered a retail energy supply agreement with ENGIE which was matched annually from ENGIE’s Live Oak Wind Project in Texas.

“At Einstein Bros. Bagels, we recognize the importance of sustainable energy solutions, and we’re proud to take this next step with ENGIE toward a cleaner future. By integrating 24/7 renewable energy matching into a number of our Texas locations, we are reinforcing our commitment to responsible energy use and supporting innovative solutions that drive the industry forward,” said Héctor Briones, CMO for Einstein Bros.® Bagels.

 

###

About Einstein Bros.® Bagels

Einstein Bros.® Bagels is a neighborhood bakery known for endless combinations of fresh-baked bagels and premium double-whipped cream cheese. Also serving a variety of breakfast sandwiches, lunch sandwiches, coffee, espresso, sweets and catering, Einstein Bros. Bagels has more than 680 locations throughout the United States. Einstein Bros. Bagels is part of Panera Brands, one of the nation’s largest fast-casual restaurant companies, comprised of Panera Bread®, Caribou Coffee® and Einstein Bros. Bagels. To learn more, visit www.einsteinbros.com.

About ENGIE North America

Based in Houston, Texas, ENGIE North America Inc. is a regional hub of ENGIE, a major player in the energy transition, whose purpose is to accelerate the transition towards a carbon-neutral economy. With 98,000 employees in 30 countries, the Group covers the entire energy value chain, from production to infrastructures and sales. ENGIE combines complementary activities: renewable electricity and green gas production, flexibility assets (notably batteries), gas and electricity transmission and distribution networks, local energy infrastructures (heating and cooling networks) and the supply of energy to local authorities and businesses. Every year, ENGIE invests more than $10 billion to drive forward the energy transition and achieve its net zero carbon goal by 2045. ENGIE (ENGI), is listed on the Paris and Brussels Stock Exchanges.  For more information on ENGIE in North America, please visit our website at www.engie-na.com or our LinkedIn page.

Media Contact:

ENGIE North America: Michael Clingan, michael.clingan@external.engie.com, (832) 745 6057

It is estimated that the world will need more than 93 million miles of transmission lines, the distance between the Earth and the Sun, to face future power needs (IEA, 2023). Over the past 120 years, 50 million miles of transmission lines have been developed, but experts say we will need an additional 40 to 50 million miles in the next 30 years to keep up with growing demand.

The impact of increased electrical consumption and renewable energy
This rising development is due to increased electrical consumption (electric vehicles, data center development, AI acceleration, etc.) and the evolution of renewable energy sources. Renewable energy sources now allow us to focus on developing generation in the places where it is most efficient to do so, instead of having to necessarily be close to our direct customers. In the past, generators were incentivized to develop thermal plants as close as possible from the consumption area to enable better cost efficiency. But today, with renewable energy sources, the focus is generation efficiency. This opens up more options, such as choosing a wind corridor or vast enough land in the desert to deploy a solar plant.

Distance is a major factor to the current delay in keeping up with power demand, as transmission line buildout cannot keep up. This is a huge challenge that we, as an industry, need to prioritize — helping to facilitate faster infrastructure and power generation development. It is critical that we work together to accelerate our decisions and investments to help face these challenges.

Balancing generation and demand
Even if we are successful at accelerating the extension of transmission lines, the operation of our power grid is still a huge roadblock. Increase in power usage, coupled with intermittent renewable power generation, challenges the balance between generation and demand.

The need for energy storage solutions
There’s no doubt that providing power to cover the demand peak in our future is an issue that keeps us up at night. We all know power is very difficult to store, but something must change. We must look at assets that enable flexibility on the grid, such as battery storage or pumped storage, but let’s not forget the importance of green or low-carbon gas. The energy transition needs the alliance of the electron and the molecule. It is important for us to work together, and center the business model, to develop assets involving the synergy between gas and electricity. The affordability and feasibility of the transition depends on it.

The role of gas in the energy transition
Recent pragmatic policies have emerged, calling for new thermal plants to be built (such as in Texas or in the United Kingdom). It is believed that we cannot handle the demand peak, and keep energy affordable, without gas-fired plants until well into the transition. With these gas-fired plants, we should remain open to “hydrogen ready” options, as well as the maturement of renewable gases such as biomethane and e-methane.

Reviving the debate on underground gas storage
The important role gas can play in meeting power demand has also revived the debate around underground gas storage. Embedded in the natural gas seasonal economy, storage is often forgotten in future planning. It has the capability of providing fast cycling services, enabling a mid-term storage delivery (storing gas for several days with the aim for it to become power) which is a smart complement to batteries (storing power for several hours).

Proven solutions for reliable grid service
The industry must consider solutions that are proven to deliver reliable service to the grid — supporting peak generation. At ENGIE, we operate fast cycling storage in the United Kingdom and are actively working on a Hydrogen Underground Storage Business Model with the UK government. As we investigate opportunities to assist with transmission and grid congestion, we must take into consideration lead time on the execution of solutions (such as underground storage), as well as the regularity of investment decisions to enable a delivery at the right time.

Shaping the future of energy
At this moment, it’s exciting to work in the energy industry, as we have been given the opportunity to collaboratively shape the energy systems of the future. By utilizing renewables sources for generation efficiency, looking at assets that enable flexibility on the grid, remaining open to hydrogen-ready options, and valuing underground gas storage, we are empowering low-carbon energy solutions to meet the unprecedented demand for power and facilitate faster infrastructure and power generation development.

Another year of strong operational and financial performance
Proposed dividend of €1.48 per share for 2024


Business highlights

  • Record level of activity in Renewables with 4.2GW added in 2024, bringing total capacity to 46GW1
  • Acceleration in battery storage with more than 5GW of capacity in operation or under construction at 31 December 2024
  • Expansion in power transmission with the award of close to 1,200km in Brazil and Peru
  • Continuous progress in our Net Zero 2045 trajectory with a 55% reduction in GHG emissions from energy production compared to 2017 to 48Mt in 2024.
  • Approval by the European Commission of the final agreement on Belgian nuclear

 

Financial performance

  • High end of the 2024 Guidance achieved with NRIgs2 of €5.5bn, an organic increase of 3.4%
  • EBIT excluding nuclear of €8.9bn, down 5.6% organically versus a high 2023 basis for comparison
  • Strong CFFO3 generation at €13.1bn
  • Maintaining a solid balance sheet with economic net debt to EBITDA ratio at 3.1x stable vs. end-2023
  • Net financial debt and economic net debt at €33.2bn and €47.9bn respectively
  • Proposed increased dividend of €1.48 for 2024, corresponding to a pay-out ratio of 65%


Read more >>