Goldman Sachs and Societe Generale are helping the French government put together a deal to acquire the 16% of state-controlled electric utility EDF that it doesn't already own – a move that could boost France’s planned “nuclear renaissance” under president Emmanuel Macron.

The government may seek to take its ownership of EDF to 100% through a tender offering. The cost of buying the 16% of EDF shares that the government does not already own, plus any outstanding convertible bonds, could be as high as €10bn, Reuters reported.

EDF, which is building two EPR plants at the Hinkley Point C nuclear power station in Somerset, England, dominates the French electricity market, with the country reliant on it for nuclear power. EDF is also building the Flamanville-3 EPR in Normandy, a project that has been beset by delays and cost overruns.