An Abu Dhabi sovereign wealth fund is planning a joint bid for EDF's electricity distribution network in the UK, the Sunday Telegraph reported. Abu Dhabi Investment Authority is working with the Canadian Pension Plan on a 5 billion pound ($8 billion) bid for the business, which distributes power in London and the south-east of England, the paper said, without naming sources.
It said Goldman Sachs and Lexicon Partners had been appointed to advise the consortium. EDF is one of a number of European utilities that have announced planned asset sales to cut debt, and has said it hopes to get more than 4 billion pounds for its British distribution business by the first quarter of 2010.
Other parties that have expressed an interest in the business include Scottish and Southern Energy, National Grid and Hong Kong's Cheung Kong Infrastructure Holdings. ADIA could not immediately be reached for comment.