French state-owned utility EDF is considering a full divestment of its US renewable energy division to concentrate on its domestic nuclear operations, CEO Bernard Fontana told Reuters. The move represents a shift from the company’s earlier plan to sell only a minority stake.
EDF previously recorded a €857.5 million impairment on its Atlantic Shores offshore wind joint venture with Shell off New Jersey, following a US moratorium on new wind development. Fontana indicated the company is evaluating selling “anywhere from 50 to 100%” of its US renewable portfolio. Bloomberg estimates that a 50% stake could be valued at around US$ 2.3 billion.
The planned divestment comes as EDF seeks to raise funds to support the construction of six additional nuclear reactors in France, while managing a net debt of €50 billion. The company’s 57-reactor nuclear fleet provides about 70% of France’s electricity generation.
