By Giulia Petroni

Credit Agricole SA said late on Friday that its insurance arm has agreed to acquire a 49% stake in the renewables platform of Italy's Edison SpA in a deal that values the unit at more than 2 billion euros ($2.26 billion).

The French bank said Edison will maintain full control of the company's business and governance, while Credit Agricole Assurances will become the unit's long-term financial partner, contributing to increase its wind and photovoltaic installed capacity to 4 gigawatts by 2030. Edison Renewables currently has a total capacity of 1.1 GW.

Edison, which is controlled by French utility company Electricite de France SA, is set to lead the development of its green unit in line with the decarbonization targets set by the Italian National Integrated Energy and Climate Plan and the European Green Deal.

Closing of the transaction, which is subject to conditions, is expected by year end.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

December 06, 2021 01:35 ET (06:35 GMT)

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