French energy company EDF and asset management firm Amundi have partnered to raise €1.5bn to finance renewable and energy saving projects.
The companies will create a joint asset management company to raise funds from institutional and retail investors and manage them on behalf of third party funds.
The creation of the joint asset management company is subject to regulatory approval from the relevant authorities.
Through the partnership, the companies will focus on renewable energy technologies such as wind power, photovoltaic and small-hydro, as well as energy saving strategies for businesses, including electro-intensive industries.
EDF will help drive investments for project development, implementation and operation while Amundi will offer its investment structuration skills and fund-raising capabilities.
Amundi CEO Yves Perrier said: "This partnership with EDF is part of Amundi’s strategy to design innovating investment solutions for its clients whilst addressing investment challenges faced by corporates."
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By GlobalDataEDF Group senior executive vice president for finance Thomas Piquemal said: "After our inaugural Green Bond issuance in November 2013, a reference in the developing green bond market, this partnership with Amundi demonstrates once again EDF’s ability to innovate for the benefit of energy transition financing."
EDF is involved in supplying energy and services to about 28.5 million customers in France.
