EDF Energies Nouvelles, part of French utility major EDF, along with EREN is picking up 50 per cent stake in ACME Solar Energy Pvt Ltd, which will focus on the development, construction and operation of solar power projects in India.
EDF Energies and EREN will pick up 25 per cent stake each in New Delhi-based ACME Solar, which has been promoted by ACME Cleantech Solutions Ltd. ACME Cleantech is present in energy solutions, communications and environmental services.
Focusing primarily in the photovoltaic power market, ACME Solar Energy Pvt Ltd has started construction of a 30 MW solar power plant in Madhya Pradesh and has a portfolio of 200 MW of projects at various stages of completion.
ACME Solar was planning to raise $50 million from International Finance Corporation (IFC), the private sector investment arm of the World Bank, earlier this year.
"India presents considerable potential for EDF Energies Nouvelles to expand its solar energy operations. The country has a high level of sunshine and a recurring shortage of electricity generation. With current installed capacity of 2 GW, the country is aiming to achieve capacity of around 22 GW by 2022," said an EDF statement.
EDF Energies has a portfolio of 6,358 MW of gross installed capacity globally in the green energy space.
“This promising new partnership constitutes a wonderful opportunity for EDF Energies Nouvelles. It will enable us to establish our position in the solar power market in a country with a high level of demand for renewable energy and presenting considerable potential in terms of resources, with the support of a local company,” said Antoine Cahuzac, chief executive officer of EDF Energies Nouvelles.
(Edited by Joby Puthuparampil Johnson)