Return to search

Amundi, EDF secure debut deal for €500m fund

The €150m transaction, which comes two years after Amundi Transition Energétique was launched, is likely to be followed by investments in renewables and energy efficiency projects.

A €500 million fund set up by Paris-based investment manager Amundi and energy firm EDF has sealed its first investment by acquiring a majority stake in a 330MW cogeneration plant portfolio.

The €150 million deal sees the Amundi Transition Energétique vehicle buy into 132 gas installations across France producing heat and electricity.

The seller, French energy and industrial group Dalkia, will retain its minority stake in the portfolio. It is itself a subsidiary of EDF after the energy company bought Dalkia’s French business in 2014.

The investment is the first agreed by the joint venture since its formation in late 2014. Owned 60 percent by Amundi, it is looking to initially raise about $500 million to invest in renewables and energy efficient projects in France. Amundi said that ATE’s future investments are likely to occur in other areas of the energy sector.

Elsewhere, Amundi is also considering the launch of a fund to invest in Chinese renewables. Infrastructure Investor revealed in November that the fund manager could join hands with the Agricultural Bank of China in a move that would see both partners raise €500 million.