France’s EDF Energies Nouvelles (EDF EN) and Luxembourg-based EREN Renewable Energy may dispose of their 25% stakes in Indian solar joint venture ACME Solar Energy Pvt Ltd, the Economic Times said on Monday, citing industry sources.
An industry consultant told the newspaper that the foreign strategic investors were unhappy with ACME Solar's aggressive bidding and project implementation. ACME Cleantech Solutions Ltd is the other JV partner, holding the remaining 50%.
When contacted by the newspaper, the finance head of Acme Solar Holdings, Nikhil Dhingra, denied the information but admitted there are some differences in the approaches of the partners, the ET said. He pointed out, as cited by the paper, that the foreign companies have their own annual investment targets and a different criteria for tariffs.
Still, Dhingra stressed that even if they exit ACME Solar the firm would be unaffected. Currently the company has almost 1,500 MW of solar assets across 15 Indian states, including 600 MW of already commissioned capacity and 500 MW under construction.
EDF EN is the renewable energy arm of French utility EDF (EPA:EDF).