Asset manager Amundi and energy group EDF are linking up to form a joint asset management company offering funds that will finance energy-transition projects.
The two companies said they aimed to raise €1.5bn for two investment products – one focusing on renewable energy, such as wind power, photovoltaic and small-scale hydroelectric power, and the other centring on business-to-business energy-saving strategies, including those for electro-intensive industries.
The new company will raise funds from both institutional and retail investors.
Amundi and EDF said they were trying to develop a new alternative asset class de-correlated from the volatility of traditional investment markets.
The partners said they also expected the joint asset management company to create an investment fund based on high-yield real estate.
This will be created through EDF Invest – the entity in charge of managing non-listed investments within the portfolio of assets dedicated to the decommissioning of EDF’s nuclear plants.
This approach could eventually be extended to non-energy related infrastructure, they said.
The deal to create the new asset management company is subject to regulatory approval.