The French electricity giant EDF announced Monday that it was selling for 885 million dollars (about 753 million euros) its shares in its American nuclear joint venture CENG, completing a disengagement started in 2014.
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The group announced in November 2019 that it was selling its 49.99% stake in the company to Exelon Generation, which owned the rest of CENG, but the amount of the transaction was not yet determined.
An agreement planned since 2014
"
The sale is part of the put option entered into in April 2014 between EDF and Exelon, allowing EDF to sell its stake to Exelon at its fair value,
" said EDF in a press release.
In 2014, EDF also delegated the operation of the five CENG (Constellation Energy Nuclear Group) nuclear reactors to Exelon, located in three power plants in the states of New York and Maryland, in the eastern United States.
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The group thus put an end to its “
American adventure
” in nuclear power, which had notably come up against competition from shale gas to produce electricity. The sale of securities "is
part of the asset disposal program announced by the group,
" says EDF. The French group says it received the funds on Friday August 6.