SP Group Acquires ENGIE’s 40 per cent Stake in Chongqing Sino-french Energy Services
Latest acquisition expands SP's sustainable energy offerings to China
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SINGAPORE, Jan. 20, 2021 /PRNewswire/ — SP Group (SP) today announced an agreement with ENGIE SA, to acquire ENGIE's 40 per cent stake in Sino-French Energy Services Co. Ltd (SFES) in Chongqing, China. This is SP's first acquisition of energy assets in China, growing the company's China presence with sustainable energy solutions.
SP's Group Chief Executive Officer, Mr Stanley Huang, said, "The acquisition of ENGIE's stake in SFES strengthens SP Group's District Cooling and Heating presence in Chongqing and expand our capabilities into Combined Cooling Heating and Power (CCHP) offerings for the hospital segment. Together with Chongqing Gas Group, we will continue to play a key role in supporting the hospitals to adopt more energy efficient CCHP and grow the CCHP market share."
Established in 2010, SFES was a joint venture company between ENGIE and Chongqing Gas Group, a state-owned enterprise that owns 80 per cent of Chongqing's gas distribution network. SFES is the market leader for CCHP solutions in Chongqing. It operates CCHP solutions deployed in three of the city's hospitals as well as a District Cooling and Heating plant that serves the Chongqing Danzishi Central Business District. The district is located 2.7 kilometres across the Yangtze river from SP's integrated cooling and heating plant in Raffles City Chongqing.
SP Group runs an advanced energy-efficient cooling and heating system for Raffles City Chongqing, that commenced operations in September 2019. SP's cooling operations enables Raffles City Chongqing to reduce energy consumption by more than 40 per cent, compared to conventional building chiller plants.
Besides Chongqing, new partnerships and collaborations are taking root in Shanghai and Guangzhou. In August 2020, SP signed an agreement with the Sino-Singapore Guangzhou Knowledge City (GKC) to develop district cooling and heating solutions for the Knowledge Tower in GKC. In October, SP inked a Memorandum of Understanding with State Grid Shanghai Energy Services to study the feasibility of jointly developing and investing in integrated energy projects to bring sustainable energy solutions to customers in Shanghai.
SP Group currently has three offices in China (Shanghai, Guangzhou and Chongqing), with its China headquarters located in Shanghai.
About SP Group
SP Group is a leading utilities group in the Asia Pacific, enabling a low-carbon, smart energy future for its customers. It owns and operates electricity and gas transmission and distribution businesses in Singapore and Australia, and sustainable energy solutions in Singapore and China.
As Singapore's national grid operator, about 1.6 million industrial, commercial and residential customers benefit from its world-class transmission, distribution and market support services. These networks are amongst the most reliable and cost-effective world-wide.
Beyond traditional utilities services, SP Group provides a suite of sustainable energy solutions such as cooling and heating systems for business districts and residential townships, electric vehicle fast charging and green digital energy management tools for customers in Singapore and the region.
For more information, please visit spgroup.com.sg or follow us on Facebook at fb.com/SPGroupSG, on LinkedIn at spgrp.sg/linkedin and on Twitter @SPGroupSG.
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