GDF SUEZ acquires Ecova for $335M

gdf suezFrench energy group, GDF SUEZ is acquiring Ecova for $335 million. Ecova, an indirect subsidiary of Avista Corp, helps its clients in North America reduce energy cost and resource consumption. Completion is expected by July 1, 2014.

GDF said that the acquisition is part of a strategy of developing its Cofely brand in energy services.

ecovaThe company serves more than 700,000 clients sites and employs more than 1,450 individuals based in 18 offices across North America. Ecova manages $20 billion of utility expenses (energy representing the majority) and generated $180 million of revenues in 2013.

Commenting on the acquisition, Jérôme Tolot, GDF SUEZ Executive Vice President in charge of Energy Services, said: “This acquisition is a major step for the Group in energy efficiency. It will reinforce our expertise in energy data management and combined with our multi-technical know-how in energy efficiency. We will be able to offer innovative and concrete services to assist our clients with the transition to a low carbon economy. In this context, we are pleased to welcome Ecova, its employees and its customers to the GDF SUEZ family of businesses.”

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