French Engie expans presence in Ningbo Chian

French utility company Engie expanded its presence in China's renewable energy sector after acquiring Ningbo Zhenhai Sennuo Investment Co Ltd, a subsidiary of Zhejiang Unisun Renewable Energy Co Ltd, for $170 million on Nov 6.

Engie is a French multinational electric utility company, headquartered in La Défense, Courbevoie. In 2018, its revenue stood at 60.6 billion euros ($67 billion).

The acquisition agreement was reached on the sidelines of the ongoing second China International Import Expo (CIIE) in Shanghai.

This is the third time that the French energy behemoth has invested in Ningbo.