French utility EDF plans to sell a 70% stake in a wind portfolio of its Italian unit Edison SpA to Italian infrastructure investor F2i.
The wind power portfolio of Italy's # 2 utility Edison sums up approximately 600MW.
EDF wants to divest a majority stake in its wind power activities to fund larger development in the renewable sector but aims to preserve management control in the company.
Italian infrastructure investor F2i, British fund Terra Ferma and U.S. private equity company First Reserve had previously shown interest in the wind power portfolio.
The transaction is expected to be closed in late June. The deal is estimated to be worth less than an earlier bid by Terra Firma of about €500 million (US$681 million).
EDF, which is largely owned by the French government, is headquartered in Paris, France. EDF operates a diverse portfolio of more than 120,000MW of generation capacity in Europe, South America, North America, Asia, the Middle East and Africa.
Edison S.p.A is an energy company in the field of electricity and natural gas headquartered in Milan, Italy. Edison's primary activities are production and distribution of electricity and natural gas. Edison and its subsidiaries operate across Europe, Africa, and the Middle East.
F2i’s investment policy seeks to create a diversified portfolio of equity stakes in companies active in all infrastructure sectors, primarily in Italy. F2i (on behalf of the First and Second Fund) acquires qualified majority or minority interests that enable it to play a significant role in the companies’ governance.