EDF Seeks Stake Sales in North American, Brazilian Renewables

Electricité de France (EDF) is considering selling up to a 50% stake in its North American and Brazilian renewables divisions to raise capital, potentially generating around €2 billion ($2.32 billion). This move aligns with EDF CEO Bernard Fontana's strategy to finance the construction of six new nuclear reactors in France and support domestic nuclear projects, aiming to reduce the country's reliance on fossil fuels and an aging nuclear fleet. EDF's capital expenditure heavily favors nuclear maintenance and new reactor projects, with only a small fraction allocated to renewables. The company is exploring opening the capital of some subsidiaries to partners to underpin growth in its renewables portfolio, despite recent setbacks such as a €934 million impairment on its Atlantic Shores offshore wind farm in the U.S. President Donald Trump's earlier executive order to repeal or alter renewable energy tax credits reflects broader challenges faced by renewables in the North American market. EDF continues to balance investment between nuclear and renewable energy to secure long-term power generation capabilities.