French power company EDF, which is majority owned by the French government, and France-based asset management company Amundi, a subsidiary of Crédit Agricole and Société Générale, have signed a partnership agreement for the creation of a joint asset management company that will be aimed at financing renewable energy projects. According to EDF, the new company will raise funds from institutional and retail investors and will finance »energy transition«. The two companies, which will also offer a specific investment product for wind power, PV and small-hydro projects, aim at raising funds in the amount of €1.5 billion ($1.88 million). »This unique partnership between an asset manager and an industrial company seeks to develop a new alternative asset class, decorrelated from the volatility of traditional investment markets, in order in particular to draw long term investments for the benefit of the real economy,« said EDF in its press release. EDF is the world's largest operator of nuclear plants. In mid-October, France's National Assembly has approved a bill for the country's energy transition (Transition énergétique) submitted by French Minister of Ecology, Sustainable Development and Energy Ségolène Royal. The bill, adopted at first reading, includes a reduction in nuclear energy's share of the electricity mix to 50% by 2025. © PHOTON
Monty Bannerman
ArcStar Energy
+1-646-402-5076
www.arcstarenergy.com
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