Edison sells 49% stake in renewables arm to accelerate 4GW growth plan

Facebook
Twitter
LinkedIn
Reddit
Email
Edison Renewables is targeting 4GW of renewables by 2030. Image: Edison International

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.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

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.

Read Next

Subscribe to Newsletter

Upcoming Events

Solar Media Events
March 19, 2024
Texas, USA
Solar Media Events
March 26, 2024
Lisbon, Portugal
Solar Media Events
April 10, 2024
Dallas, Texas USA