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BREAKING NEWS

Iren makes non-binding bid for Aosta Valley's hydroelectric assets

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MILANO (Reuters) – Italian utility Iren on Tuesday made a non-binding offer to tie-up with regional peer Compagnia Valdostana delle Acque (CVA) to create one of Italy’s biggest hydroelectric players, a source close to Iren said.

CVA, based in Italy’s Aosta Valley Region, has almost 1,000 MW as well as solar, wind and power distribution assets.

The proposal involves merging Iren’s renewable assets with CVA to create a joint-venture that would be equally controlled by Iren and the Aosta Valley Region, the source said.

(Reporting by Giancarlo Navach, written by Stefano Rebaudo, editing by Valentina Za)

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