EDF has mandated financial advisors Intesa Sanpaolo and Lazard to conduct a strategic review of Italian subsidiary Edison, it is understood.

The French energy giant is believed to be considering different options for the Italian business, including a listing or the disposal of a minority stake.

The state-backed group is in the early stages of various disposals or part disposals of country platforms and assets globally, in large part to raise cash to expand its nuclear fleet.

In the UK, the group is believed to be working with Macquarie Capital on bringing a co-investor into a multi-GW tranche of its UK solar & battery pipeline, including its DCO consented projects, for example, while it has in recent weeks also started sounding out potential buyers over its EDF Power Solutions platform in the US. The group is being advised by Nomura Greentech on the latter process.

EDF also announced in the summer that it would be considering asset recycling out of its Brazilian platform.

Edison, which is valued at over EUR 7bn, according to market sources, is active across the electricity supply chain, including energy generation, O&M and retail energy supply.

Its current operational renewables portfolio across hydro, solar PV and onshore wind stands at over 2 GW, while it is aiming to take this to 5 GW by 2030. It also owns a fleet of combined-cycle gas turbines (CCGT) turbines.

Lazard and EDF declined to comment. Intesa Sanpaolo did not respond to a request for comment.

*This story was originally published exclusively for NPM Europe subscribers.