EDF to sell majority stake in 600MW Italian wind portfolio

ITALY: French utility EDF is preparing to sell around 70% of its 600MW Italian wind energy portfolio to a financial partner, a source confirmed.

EDF's Monte Grighine wind farm in Italy
EDF's Monte Grighine wind farm in Italy

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Italian investment fund F2i, along with First Reserve of the US and the UK's Terra Firma, are in the running to acquire the stake in a company created to house the group's Italian renewable assets.

This covers around 500MW in wind capacity owned by EDF's Italian subsidiary Edison and about 100MW in wind farms owned by EDF Energies Nouvelles, the source said.

Edison will maintain operational control of the assets post-sale. Binding offers are expected by the end of this month.

Deal activity involving Italian operational wind assets has increased, although new project development has slowed amid incentive cuts and a capacity cap.

Last year, Italian firm Erg Renew became the largest Italian wind operator with the acquisition of 636MW, including 550MW in Italy, from GDF Suez at a price tag of about EUR 1.35 million per megawatt.

Italian energy group Sorgenia also announced in December it would sell off 112MW in Italian wind assets and its 81MW share of French wind capacity it owns through a joint venture with private equity firm KKR, as part of new industrial plan emphasising debt reduction.

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