Constellation Energy has agreed to sell 49.99% of its nuclear business to EDF Development Inc. for €3.3bn. Agreement includes immediate €730m cash investment in Constellation Energy and an additional option to sell to EDF Development Inc. up to €1.5bn of non-nuclear generation assets.
The Nuclear Regulatory Commission approved the investment structure and license transfer related to EDF’s investment in Constellation in October 2009. Consequently, EDF’s acquisition of a 49.99% interest in Constellation’s nuclear assets received all necessary approvals at the federal level and clearance from the New York Public Service Commission. At the state level, the Maryland Public Service Commission also approved the transaction in November 2009.
Constellation currently owns five reactors with a total capacity of 3 869 MW. EDF already owns a 9.5% stake in Constellation and a 50% share in Unistar, the joint venture they created to build four new EPR reactors in the USA.