Edison CEO: Group accelerates green investments; EDF eyes minority stake sale

Edison's green investment will increase the Italian utility company's borrowings, said its CEO. EDF, the parent company, plans to sell a small stake in the unit, to avoid increasing its own debt.

The Italian utility announced earlier Thursday that it would begin working on renewable projects in Italy with a combined power of more than 500 megawatts (MW) by next year. It will invest over 600 million euros ($700 millions) to build wind and solar farms.

Edison CEO Nicola Monti said in an interview that "EDF had many investments in France to make, especially in nuclear sectors. The intention to open (our) capital – only for a minor stake – is to allow Edison implement its development plans without burdening EDF’s consolidated debt."

EDF's advisors are studying ways to reduce Edison's parent company's stake in Edison Capital. Monti added that EDF has not changed its plan of maintaining the majority in the Italian division. ($1 = 0.8564 euro) (Editing Giulia Segreti).

(source: Reuters)