EDF – Caisse des Dépôts and CNP Assurances: exclusive negociations for a long-term partnership with RTE
EDF, Caisse des Dépôts and CNP Assurances have started exclusive negociations to form a long-term partnership for the development of Réseau de Transport d’Electricité (RTE).
EDF has today announced that it has started exclusive negociations with Caisse des Dépôts and CNP Assurances to form a long-term partnership for the development of RTE. This partnership with major public players in infrastructure funding in France will strengthen RTE’s public service remit. Caisse des Dépôts and CNP Assurances would also take a 49.9% stake in RTE on the basis of an indicative value of €8.45 billion for 100% of RTE equity.
If this operation is confirmed, the relevant employee representative bodies will be informed and consulted prior to the final agreements being signed. The transaction could be close in the first half of 2017, once the necessary regulatory approvals have been obtained.
EDF, Caisse des Dépôts and CNP Assurances intend to use the partnership to support RTE’s ambitious investment strategy for the efficiency of electricity transmission infrastructure. This will provide a boost to the energy transition, while strengthening RTE’s public footing and long-term economic and social model. As a result of the deal, RTE would retain its current regulatory status as independent transmission system operator under the EU Directive.
This announcement reflects the statement expressed to RTE and EDF’s CEO by the Minister of Finance and the Public Accounts and the Minister of Economy, Industry and Digital in their joint statement of 22 April, 2016.
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