EDF Weighs Stake Sales in North American, Brazil

France's EDF is weighing options to bring in capital to both its North American and Brazilian renewables businesses, a company spokesperson said on Wednesday, which could include stake sales of as much as 50%.

The comments followed a report by Bloomberg News citing people familiar with the matter as saying the state-owned utility was mulling a stake sale in its North American business that could fetch 2 billion euros ($2.32 billion).

"We are studying the possibility to open the capital of some of our subsidiaries to partners," an EDF Power Solutions spokesperson said.

U.S. President Donald Trump recently signed an executive order to repeal or modify tax credits for solar and wind energy projects, saying they were unreliable, expensive, and displaced more dependable energy sources, among other claims.

EDF had previously taken a 900 million euro impairment on its Atlantic Shores offshore wind farm joint venture with Shell off the coast of New Jersey following Trump's decision to put a moratorium on new wind development.

EDF's new CEO Bernard Fontana is currently seeking ways to bring in money to finance construction of six new nuclear reactors, and has said he was weighing possible asset sales.

Fontana previously told lawmakers that he is looking to prioritise domestic nuclear projects, as the country is looking to shore up its electricity production long-term which mainly comes from its ageing fleet of 57 nuclear reactors.

The company has also looked for outside financing for its two UK nuclear reactor projects.

($1 = 0.8610 euros)

(Reuters)