Connect with us

Hi, what are you looking for?

Capital Business
Capital Business

World

GDF Suez buys First Light

PARIS, September 2  – New French energy giant GDF Suez was to announce Tuesday the acquisition of US electricity producer First Light, the daily Le Figaro reported, publishing an interview with GDF Suez CEO Gerard Mestrallet.

The takeover would cost 1.3 billion euros, or 835 euros per kilowatt, the paper said, adding that GDF Suez had won a contract for more than 650 million dollars for supplying energy to a number of US Defense Department sites.

First Light manages 15 power stations in the US totalling 1,500 megawatts and plans an additional 500 megawatts, Mestrallet said in the interview, adding that the acquisition would give his company a "sufficient production capacity" on the other side of the Atlantic.

GDF Suez had said Monday its first half net profit and sales rose by double digits, allowing it to confirm its forecasts for the year.

The company, formed in a government promoted merger between Gaz de France and environmental services group Suez, said net profit in the six months to June increased 14 percent to 3.4 billion euros (5.0 billion dollars) on sales of 43.1 billion euros, up 17 percent.

Operating profit was up 20 percent to 5.5 billion euros.

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...