Electricite de France SA (EDF.FR) on Tuesday said that it had finalized the sale of its EDF Polska assets to PGE Polska Grupa Energetyczna SA (PGE.WA) for around 1.4 billion euros ($1.63 billion).
The French utility group had previously announced its intention to sell the assets to PGE in May.
Continue Reading Below
The sale will reduce net debt by around EUR1 billion and reduce EDF's carbon footprint by approximately 23%, it said.
The transaction forms part of EDF's strategy to sell off around EUR10 billion in assets by 2020.
EDF will maintain its presence in Poland through its subsidiaries EDF Energies Nouvelles, Dalkia Energy Polska and Fenice Poland. It also said it intends to partner with the Polish government to help develop the country's energy mix.
Write to Nathan Allen at email@example.com
(END) Dow Jones Newswires
November 14, 2017 03:43 ET (08:43 GMT)