Energy firm Engie is planning to sell a power plant in Poland following a strategic review of assets.

Reuters reported that the company had confirmed a report in a Polish newspaper that said Engie had put the 1800 MW Polaniec coal fired power plant up for sale with a price tag of €500 million.

The sale is part of a €10 billion asset sale plan by the French energy giant, which wants to refocus its business on gas networks, renewable energy and energy services. Other large European utilities are following similar strategies in the face of falling profits caused by slack energy demand and low power prices.

The Polaniec plant is located in the south-eastern Polish town of Polaniec and is the fifth-largest producer of electricity in Poland.