Partial disposal without recourse of the CSPE receivable
As announced on 8 November 2016, EDF sold, on 22 December, a portion (26.40%) of the CSPE receivable held with the French state under the deficit of the compensation of public service costs (“CSPE”) until December, 31th 2015.
This receivable has been subject to a secure repayment plan since the 2015 Amending Finance Act, from the “Energy Transition” special allocation budget item and the “Public Energy Service” budget line of the French national budget. The French State committed to a new repayment schedule confirmed by the decrees of 13 May 2016 and 2 December 2016.
The receivable has been assigned to an investors pool composed of a banking institution and a dedicated FCT (Fond Commun de Titrisation – French securitized mutual fund). Proceeds from this disposal (without recourse) amount to €1.542 billion.
The assigned receivable includes the component of the receivable not allocated to the Dedicated Assets. This assignment leads to an improvement of the net financial debt of €645 million.
The balance is the component affected in Dedicated Assets. This amount will be reinvested in these assets.
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