Italy-based Edison has agreed to divest a 49% take in its Edison Renewables to Credit Agricole Assurances in a deal that values the platform at more than €2bn.

Following the completion of the deal, the insurance arm of Crédit Agricole will support the company’s goal of developing 4GW wind and solar PV capacity by 2030.

In May this year, Reuters reported that Edison is preparing to sell 40% stake in its renewable energy generation arm, to cash in on the growing investor demand for green assets.

Edison Renewables has renewable assets with a total capacity of 1.1GW, which includes approximately 1GW of wind farms in Italy.

Edison CEO Nicola Monti said: “We’re proud to announce a long-term partnership with a player who recognizes and supports our business plan in renewables.

“Through this collaboration we speed up our investments in Italy by implementing the robust pipeline of projects under development and contributing to the Country’s energy transition”.

Under the terms of the transaction, Edison will assume the full control over its renewable energy unit’s business and governance.

Also, it will lead the renewables development, as per the decarbonisation targets fixed by Italy’s National Integrated Energy and Climate Plan (PNIEC) and European Green Deal.

Crédit Agricole Assurances said that the transaction is in line with the Group’s sustainability goals, and makes it a long-term financial partner for Edison Renewables.

Crédit Agricole Assurances CEO Philippe Dumont said: “We are proud to support the italian energy transition policy with Edison.

“Fully in line with Crédit Agricole Group’s commitments in favor of the climate, this new partnership and investment will help Crédit Agricole Assurances to strengthen its presence in the energy transition.

“This acquisition will also contribute to our objective to increase our investments in renewable energies and reach an 11GW installed capacity by 2025.”