EDF EN takes 25% in project developer Acme Solar of India
Dec 5, 2013 - EDF Energies Nouvelles (EDF EN) today said it had acquired a 25% stake in Indian solar project developer Acme Solar Energy Pvt Ltd, marking the French renewable energy company’s entry into the Indian market.
Indian company Acme Cleantech Solutions Ltd has sold half of its shareholding in Acme Solar to EDF EN, which is a unit of EDF (EPA:EDF), and to French natural resources conservation company EREN. The joint venture has 200 MW of solar projects in its portfolio and is already building a 30-MW solar park in Madhya Pradesh, EDF EN said.
The partnership will allow the French firm to gain a foothold on the solar market in India where the solar resource is really good, said EDF EN CEO Antoine Cahuzac.
In a statement Acme Cleantech said that as part of the collaboration, EDF EN would give it access to its engineering expertise and research and development capacity in France so that the two firms would seek ways to cut the cost of solar power. EREN, on the other hand, will be providing support in the areas of project execution and equipment.