Nicola Monti, Edison’s Chief Executive Officer
Edison, agreement with Predica in renewable energy
New investment in Italy for Cre’dit Agricole where the French group bets 1 billion on renewable energy and takes 49% of Edison Renewables. Credit Agricole Assurances, in support of Edison’s commitment in the energy transition, which is headed by the big transalpine energy company Edf, becomes its financial partner and enters with a 49% stake in Edison Renewables, valued in total over 2 billion.
Cre’dit Agricole will thus contribute to increasing the wind and photovoltaic power installed to 4 GW by 2030 for a company that currently holds renewable assets for a total capacity of 1.1 GW, of which approximately 1,000 MW of wind power distributed in areas of Italy with the highest winds. The closing of the transaction, which is not subject to conditions precedent, is expected by the end of the year For Edison, which is based in Milan, it is not a withdrawal from renewable energy: the group in fact retains full control and governance of its subsidiary and will guide its development in renewables in line with the decarbonisation objectives.
Nicola Monti, CEO of Edison underlines that “thanks to this collaboration we are in the best position to accelerate investments in renewables in Italy, creating the robust pipeline of projects we have in development and thus contributing to the energy transition of the country”. A year ends for Credit Agricole which saw it conquer Credito Valtellinese in Italy for 862 million after the maxi acquisition of 3.5 billion, made a few years ago, to take Pioneer from Unicredit.
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