On September 28, 2018, ENGIE and the VNPF (Vanuatu National Provident Fund) signed a promise to sell and purchase UNELCO ENGIE shares.
On October 23, 2018, this historic transaction was finalized with the signing of the transfer of shares and the signing of the amendment to the shareholders' agreement.
The VNPF increases its participation in UNELCO ENGIE from 14.40% to 40% and also increases its representation on the Board of Directors of UNELCO ENGIE.
This increase represents a strong commitment by VNPF and UNELCO ENGIE to write the future of Vanuatu’s energy landscape together. The two parties wish to reinforce their activities by invigorating and further aligning the growth of UNELCO ENGIE with that of the country and the interests of its nationals.
With this acquisition, VNPF reinforces its strategy of investing in pillars of the Vanuatu economy that provide commercially sound and sustainably profitable revenue streams for its members. This investment is in coherence with VNPF’s primary mission that is to provide its members with a secure way to save for retirement by managing their funds in a prudent, efficient and reliable manner.
UNELCO will continue to benefit from the technical and financial support of the ENGIE Group, which will retain 60% of UNELCO shares.
ENGIE is a global energy and services company, focused on three key business areas: low carbon electricity production, energy infrastructure and customer solutions.
Driven by the aim of contributing to sustainable progress, ENGIE is helping tackle major global challenges such as global warming, access to energy for all, green mobility, and offering its customers – large companies, individuals, professionals, cities and territories - energy production solutions and services that bridge the gap between individual interests and collective challenges.
With this agreement, VNPF and ENGIE consolidate their partnership and open up new prospects for co-development in renewable energies and the financing of structural projects that will have long lasting impacts on the lives of the population: access to electricity and drinkable water, local job creations, local suppliers etc.
This project is primarily driven by the common ambition to build today, through UNELCO ENGIE, solutions for the future of Vanuatu.