Italian energy company Edison has sold a 49% stake in its renewables division to Crédit Agricole Assurances (CAA) to accelerate its growth plan that aims to deploy 4GW of solar PV and wind by 2030.
Under the transaction, which values Edison Renewables at more than €2 billion (US$2.26 billion), French insurer and investor CAA will become a major financial backer, but Edison will maintain full control over the company’s business and governance.
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Edison said it will continue to lead the company “in line with the decarbonisation targets fixed by Italian PNIEC (National Integrated Energy and Climate Plan) and European Green Deal”.
Edison currently has a 1.1GW renewable portfolio, consisting predominantly of wind.
“Through this collaboration we speed up our investments in Italy by implementing the robust pipeline of projects under development and contributing to the country’s energy transition,” said Edison CEO Nicola Monti.
CAA CEO Philippe Dumont said he was “proud to support the Italian energy transition policy” and that the investment will “contribute to [CAA’s] objective to increase our investments in renewable energies [sic] and reach a 11GW installed capacity by 2025”.
Edison is owned by French energy giant EDF, which controls more than 99% of its shares.
Closing of the deal is not subject to conditions precedent and is expected by the end of the year.