EDF in Creation of Joint-Asset Management Company with €1.5 Billion Funding Target

Cleary Gottlieb is advising French utilities company Electricité de France in connection with the establishment of a partnership with investment adviser Amundi, as a first step towards the launch a new asset management company aimed at financing energy transition projects.

Under the partnership agreement, EDF and Amundi intend to offer the market two energy-themed investment products.

The first will be dedicated to renewable energy, such as wind power, photovoltaic, small hydro, etc., while the second will focus on energy saving strategies for businesses, including electro-intensive industries.

EDF and Amundi have set the fund raising goal at €1.5 billion for the two projects. In addition, the two firms aim to develop a new alternative asset class, unrelated to the volatility of traditional investment markets.

EDF, the leading electricity producer in Europe and one of the leaders in the European energy market, is an integrated energy company active in all areas of the business: generation, transmission, distribution, energy supply and trading.

Amundi ranks first in Europe and amongst the top ten worldwide in the asset management industry with assets under management of over €800 billion worldwide.