June 20 (UPI) — French energy company ENGIE said Wednesday it no longer has any coal-fired power assets in the Asia-Pacific after unloading shares in a Thai power producer.
The French company sold its 69.1 percent stake in power-producer Glow to Global Power Synergy Public Co. in Bangkok for net proceeds of $3 billion.
“This disposal is in line with ENGIE’s strategy aiming at reducing the group’s carbon footprint, to focus on low-carbon activities, global networks and client solutions,” the company’s statement read. “With the disposal of its interests in Glow, ENGIE will no longer operate any coal-fired assets in Asia-Pacific, and will reduce its global coal-fired generation installed capacity by 14 percent.”
ENGIE reported first quarter revenue of $20.7 billion was up more than 1 percent from last year.
In announcing its first quarter earnings, ENGIE said it was successful in repositioning itself as a low-carbon leader. In the French market, the company attributed gains to a strong increase in wind and hydroelectric power generation, which is up nearly 40 percent.
The company late last year joined eight other European energy companies in making a pledge to develop what they said was the “most dynamic segments of sustainable finance today, the green bond market.”
Coal, meanwhile, dominates the energy landscape in the Thai power sector. Data from commodity pricing group S&P Global Platts show Thailand imported nearly 22 percent more coal in April than it did last year.
Most of Thailand’s coal comes from Australia and Indonesia, which combine for about 80 percent of the country’s imported coal.