TotalEnergies and Engie eye Casino’s renewable energy arm, Les Echos reports


French energy giant TotalEnergies and power company Engie are eyeing the acquisition of the renewable energy unit of French retailer Casino, valued at around 1.5 billion euros ($1.6 billion), reported Les Echos.

“According to our information, the retailer has appointed Rothschild and four other banks to a sale of its GreenYellow unit …the value of which is seen at around 1.5 billion euros,” wrote Les Echos, citing unspecified sources.

Casino and TotalEnergies declined to make any immediate comment on the report, while officials at Engie could not be immediately available for comment.

Casino shares spiked on the news and were up around 8% in afternoon trading.

French banks BNP Paribas, Natixis, Credit Agricole and HSBC are also working on the deal, the paper said.

In February, Casino’s GreenYellow arm – which produces low-cost electricity and helps lower companies’ power consumption – said it had raised around 200 million euros to support its future growth.

Casino, which last month reported that group sales had returned to growth in the first quarter, has also embarked on a plan of selling off non-core assets to cut its debt in recent years.