RIYADH: A consortium led by French utility Engie has agreed to buy Eolia Renovables, a Spanish renewable power producer owned by Alberta Investment Management, for an undisclosed sum. The acquisition was made jointly with Credit Agricole Assurances, which will own 60 percent of Eolia’s operating assets. Engie has the remaining 40 percent, Bloomberg reported. Engie will develop and build a pipeline of renewables projects, which amounts to 1.2 GW of capacity. The sale price could have been above 2 billion euros ($2.3 billion), local media including the Expansion newspaper have reported. Eolia develops, builds and operates wind farms and solar photovoltaic plants, with a portfolio of 899 MW. This acquisition comes in line with Engie’s strategy of expanding faster in renewables, and energy infrastructure such as district heating and electric-car charging networks. The deal will also reinforce the French company’s presence in Spain, after its purchase of hydropower assets from EDP-Energias de Portugal for €2.21 billion, with financial partners last year.