By Inti Landauro

PARIS--French state-controlled power utility Electricite de France SA (EDF.FR) Tuesday said it agreed to sell its Hungarian unit to local utility ENKSZ as part of its strategy to raise cash from asset sales for heavy investment projects.

EDF supplies 775,000 retail and business customers in Hungary and operates 32,000 kilometers (19,884 miles) of power lines, the French company said. It didn't disclose the value of the sale.

The utility, which has suffered from losses of market share, adverse market conditions and the closure of nuclear reactors, has recently embarked on expensive new projects that are deemed a political priority in France and in the U.K.

Write to Inti Landauro at inti.landauro@wsj.com

(END) Dow Jones Newswires

December 06, 2016 03:33 ET (08:33 GMT)