Credit Agricole Assurances has agreed to buy a 49% stake in the renewables business of Italian energy group Edison in a deal valuing the unit at more than 2 billion euros ($2.3 billion).
In a joint statement, the two companies said Edison would maintain full control of the business which has an overall installed capacity of 1.1 gigawatts, mainly wind.
Crédit Agricole Assurances will help fund development of the green unit which aims to grow its wind and solar capacity to 4 gigawatts by 2030, the companies said.
Sources told Reuters earlier this year Edison was looking to sell a stake in its renewable energy arm.
Several energy groups in Europe are looking for financial partners to help fund growth opportunities in green energy as economies turn away from fossil fuels to meet climate goals.
“This acquisition will also contribute to our objective to increase our investments in renewable energies and reach an 11 GW installed capacity by 2025,” said Crédit Agricole Assurances CEO Philippe Dumont.
The insurer holds the French and international insurance business of Crédit Agricole.
Edison, controlled by French energy giant EDF, is fully focused on renewable power and energy efficiency after selling almost all its upstream exploration and production assets.
Source: Reuters.com