Good evening,

French utilities giant Engie, capitalised at €38.2 billion ($63 billion) on the Euronext, is ready to take its Australian EV charging network for a spin around the dealmaking circuit.

Street Talk understands Engie is seeking a capital partner for the unit, as it aims to install 103 fast chargers for Teslas, Polestars and the like across four Australian regions, including metropolitan hotspots in Sydney, Melbourne, Brisbane and Adelaide.

It’s early days, and prospective investors have been told to expect details on the business and deal structure in the coming weeks. Azure Capital, whose bankers have tended to Engie on its renewables M&A needs Down Under, is expected to be retained to steer the efforts.

“Engie regularly and actively considers business opportunities that support its strategic ambitions in Australia but does not comment on any specific opportunity under consideration,” a spokesperson said when contacted by Street Talk.

Engie’s network was among the first recipients of federal government funding under the Future Fuels Fund in 2021, via its subsidiary IPAH Client Solutions Australia Pty Ltd. Project partners included its retailing arm Simply Energy and Melbourne’s Jet Charge. The chargers use 100 per cent renewable power.

Suitors are likely to be reminded that Engie has already made significant progress towards meeting its 103 fast chargers target, securing a partnership to put chargers in shopping mall landlord Vicinity Partners’ car parks.

Sell-side advisers would also be talking up its global credentials in the sector; the Engie Vianeo business already has about 1000 chargers around France, and sees a pathway to lifting the number to another 11,000 by 2025.

Read the full story tomorrow and more on the Street Talk page.

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