It’s a deal that has caught the attention of many in Europe.
It’s the latest chapter in a long-running saga between the French company, Genesis, and the Italian energy company, Enel, that has seen the French state purchase the company for €6.5bn in January.
“I’m pleased to say that the agreement with Enel will be signed today,” said Genesis chief executive Luca Di Luca.
“Genesis has signed a long term contract with Enels and will be the next company to operate in the European market.”
He added that “Genesis will continue to be the operator of the world’s most sophisticated renewable energy project in the future”.
The deal is part of a series of deals in the EU that have brought in billions of euros in taxpayer funds, but it has also raised concerns in France that the companies were not paying enough in taxes.
Genesis says the deal will benefit more than 1,000 jobs in the region and that the cost of the deal is only €2.2bn, but the state has been criticised for paying too much for a project that had been worth about €1bn at the time.
It is a deal for which the government has been trying to raise the cash for many years, but has been unable to do so.
“We have to find another way to help our citizens, and that is to raise additional funds for the development of our renewable energy industry,” said Economy Minister Jean-Claude Juncker.
“This is a great example of our commitment to the citizens of France, and we look forward to the success of the project,” he said.
Meanwhile, a consortium of French companies has taken over the business from Genesis.
It has been set up with a view to buying the company from Enel for around 1.8bn euros, a sum that has been estimated at around 2.8 billion euros, according to Reuters.
But the government says the consortium has not put forward a bid and it’s unclear whether the consortium will succeed.
“The consortium has put forward an offer for the acquisition of Genesis for a very reasonable price, which is not much different from what Enel has offered in the past,” said a spokesman for the state.
“They’re now looking to finalise the sale,” the spokesman added.
“There is no further comment on the matter.”