GDF SUEZ announced today the purchase of Ecova, an indirect subsidiary of Avista Corp. Ecova is a provider of technology-enabled energy and sustainability management solutions to commercial, industrial and utility clients in North America.
This acquisition is in line with the Group strategy to develop, through its primary brand Cofely, its European leading position in energy services on an international scale. This acquisition enables GDF SUEZ to enlarge its capabilities in the growing field of data management to improve energy supply and resource consumption.
Ecova helps its clients to manage and navigate the complexities of energy and resource management to reduce cost and consumption. It offers comprehensive solutions for utility expense and data management, energy supply, facility optimization and energy efficiency through a unique smart data management platform. The company serves more than 700,000 clients sites and employs more than 1,450 individuals based in 18 offices across North America. Ecova manages $ 20 billion of utility expenses (energy representing the majority) and generated $180 million of revenues in 2013. The acquisition represents $335 million.
GDF SUEZ and Ecova have a shared vision of how companies can address the challenges of energy and sustainability management. Ecova will continue to invest in its existing and new solutions delivering significant value to its clients in North America as well as throughout the world thanks to GDF SUEZ’s global footprint. Through this acquisition, GDF SUEZ will be able to seize opportunities on this growing energy services market.
Commenting on the acquisition, Jérôme Tolot, GDF SUEZ Executive Vice President in charge of Energy Services, said: “This acquisition is a major step for the Group in energy efficiency. It will reinforce our expertise in energy data management and combined with our multi-technical know-how in energy efficiency. We will be able to offer innovative and concrete services to assist our clients with the transition to a low carbon economy. In this context, we are pleased to welcome Ecova, its employees and its customers to the GDF SUEZ family of businesses.”
Completion is expected by July 1, 2014, following customary closing conditions and regulatory approvals.
Through its retail electricity business, GDF SUEZ already offers energy efficiency solutions in the North American market. GDF SUEZ offers customized demand response, renewable solutions and energy efficiency services to commercial and industrial customers allowing them to optimize their load requirements and energy-related costs.
More widely, GDF SUEZ manages a range of energy businesses in the United States, Mexico, and Canada, including electricity generation and cogeneration, natural gas and liquefied natural gas (LNG) distribution and sales, and retail energy sales and related services to commercial and industrial customers.
GDF SUEZ Energy North America owns and/or operates cogeneration, steam, and chilled water facilities, including those in construction, representing a capacity of approximately 13,000 MW of electricity generation, 3.5 million pounds per hour of steam, and 37,000 tons per hour of chilled water. Renewable fuels—wind, hydro, biomass, and solar—power 32 of the facilities in the portfolio. The company’s natural gas assets include an LNG receiving terminal just north of Boston, Massachusetts, and natural gas distribution networks and pipelines in Mexico that serve more than 400,000 customers.
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About GDF SUEZ
GDF SUEZ develops its businesses (power, natural gas, energy services) around a model based on responsible growth to take up today’s major energy and environmental challenges: meeting energy needs, ensuring the security of supply, fighting against climate change and maximizing the use of resources. The Group provides highly efficient and innovative solutions to individuals, cities and businesses by relying on diversified gas-supply sources, flexible and low-emission power generation as well as unique expertise in four key sectors: independent power production, liquefied natural gas, renewable energy and energy efficiency services.GDF SUEZ employs 147,200 people worldwide and achieved revenues of €81,3 billion in 2013. The Group is listed on the Paris, Brussels and Luxembourg stock exchanges and is represented in the main international indices: CAC 40, BEL 20, DJ Euro Stoxx 50, Euronext 100, FTSE Eurotop 100, MSCI Europe and Euronext Vigeo (World 120, Eurozone 120, Europe 120 and France 20).