Credit Agricole to Acquire 49% Stake in Edison's Green Business
December 06 2021 - 1:50AM
Dow Jones News
By Giulia Petroni
Credit Agricole SA said late on Friday that its insurance arm
has agreed to acquire a 49% stake in the renewables platform of
Italy's Edison SpA in a deal that values the unit at more than 2
billion euros ($2.26 billion).
The French bank said Edison will maintain full control of the
company's business and governance, while Credit Agricole Assurances
will become the unit's long-term financial partner, contributing to
increase its wind and photovoltaic installed capacity to 4
gigawatts by 2030. Edison Renewables currently has a total capacity
of 1.1 GW.
Edison, which is controlled by French utility company
Electricite de France SA, is set to lead the development of its
green unit in line with the decarbonization targets set by the
Italian National Integrated Energy and Climate Plan and the
European Green Deal.
Closing of the transaction, which is subject to conditions, is
expected by year end.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
December 06, 2021 01:35 ET (06:35 GMT)
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