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EDF unit agrees 500 mln eur solar funding with EIB

Thu Dec 17, 2009 3:03am EST

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PARIS, Dec 17 (Reuters) - EDF's (EDF.PA) renewable energy unit unveiled a 500 million euro ($728 million) deal with the European Investment Bank to help finance upcoming solar power projects.

The memorandum of understanding covers projects in France and Italy between 2010 and 2012, with the EIB providing up to 50 percent financing in each case, EDF Energies Nouvelles (EEN.PA) said in a statement on Thursday.

The proposed financing structure will be piloted next year for a solar power plant in Gabardan, France, and another in Loreo, Italy, it added.

EDF Energies Nouvelles, which is 50 percent owned by EDF, has seen its shares rise 41 percent since the start of the year, giving it a market value of $3.9 billion. ($1=.6864 Euro) (Reporting by Lionel Laurent; editing by John Stonestreet)



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