July 29, 2014 / 3:27 PM / in 3 years

CORRECTED-EDF's Edison, Italy's F2i agree to form renewable energy firm-source

(Corrects headline and story to show that EDF will not sell 70 pct stake in Edison to F2i)

MILAN, July 29 (Reuters) - Italy’s No. 2 utility Edison , a unit of France’s EDF, and Italian infrastructure fund F2i have signed a deal to form a new renewable energy group, a source close to the situation said on Tuesday.

F2i will own 70 percent of the new company, with the remainder belonging to Edison, the source added. The two companies will put renewable energy assets for a total 600 megawatts into the new company.

An Edison spokeswoman said it was too early to disclose details of the transaction, but that in any case Edison would “maintain industrial control of the new company”.

Italian press reports estimated the transaction’s value at around 800 million euros ($1.07 billion).

Italy’s No. 2 utility Edison has been looking to offload a majority stake in its wind power business to fund bigger expansion in the renewable segment. ($1 = 0.7455 Euros) (Reporting by Massimo Gaia; Writing by Oleg Vukmanovic; Editing by Paola Arosio)

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