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

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
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.

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

January 12, 2022
German asset manager KGAL Investment Management has acquired a combined 50% stake in renewables developer GP Joule Projects, with the two companies intent on taking advantage of the “immense growth opportunities” of renewables across Europe, and in particular Germany.
December 15, 2021
EDF Renewables and European cloud solutions provider OVHcloud have entered into a 15-year power purchase agreement (PPA) for the supply of electricity from a 50MW solar PV project in France
December 6, 2021
China’s National Energy Administration has kickstarted the second batch of large-scale wind and solar PV projects under the country’s multi-hundred-gigawatt desert renewables scheme.
December 1, 2021
Tech major Amazon has added a further 2GW to its committed utility-scale solar PV capacity, adding projects in the US and Europe to its renewables portfolio.
November 17, 2021
China has revealed its initial subsidy limits for existing renewables projects in 2022, however it remains to be seen whether the funding is to be topped up.
November 16, 2021
UK investment and asset management firm Low Carbon and US insurance company Massachusetts Mutual Life (MassMutual) have teamed up to build a global independent power producer (IPP) that has a stated target of 20GW of renewables by 2030.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
February 23, 2022
London, UK
Solar Media Events
March 8, 2022
London, UK
Solar Media Events
March 23, 2022
Austin, Texas, USA
Solar Media Events
March 29, 2022
Lisbon, Portugal
Solar Media Events
April 25, 2022
Berlin, Germany