PARIS--Electricite de France SA (EDF.FR) said Tuesday it has finalized a deal with U.S. partner Exelon Corp. that paves the way for the French power company to start withdrawing from its foray into the U.S. nuclear power sector.

Under the terms of the agreement, EDF will delegate to Exelon the operational management of the five nuclear reactors owned by their jointly owned energy company Constellation Energy Nuclear Group.

As previously determined by the agreement, CENG has paid a special $40 million dividend to EDF, financed by Exelon. Exelon has also granted to EDF an option to sell its holding in CENG to Exelon at market value between January 2016 and June 2022.

EDF holds 49.99% in CENG with Exelon owning the remainder.

--Geraldine Amiel contributed to this item.

Write to William Horobin at william.horobin@wsj.com

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