The Abu Dhabi Investment Authority (ADIA), the Gulf emirate’s investment arm, is said to have teamed up with the Canadian Pension Plan to submit a joint bid for EDF’s UK electricity network, according to several media reports.
Several other bidders have shown interest in the sale, including a consortium of Scottish and Southern Energy and Borealis, another Canadian pension. Macquarie is said to be interested in bidding while Cheung Kong Infrastructure, the fund owned by Asia’s wealthiest man, Li Ka-shing, is said to have hired Royal Bank of Scotland to advise on the deal. National Grid is thought to be another contender for EDF’s assets and is believed to have hired Morgan Stanley to provide advisory services.
EDF started the sale of its UK assets last October with the aim of cutting €5 billion in net debt by the end of 2010. A spokesperson from the company did not wish to comment on when initial bids are expected or if they have already been received.