ACME Cleantech Solutions, an energy generation, management and conservation company on Thursday announced it join hands with French renewable energy giant EDF Energies Nouvelles (EDF EN) to set up 200 MW solar power projects in India.
“EDF EN, the renewable energy arm of French state-run electricity utility Électricité de France S.A., and natural resources saving group EREN will acquire 25 per cent each in ACME Solar to set up large scale solar projects in India,’’ an official statement by ACME Cleantech Solutions said here. ACME Solar will thus be a joint venture between ACME Cleantech, EDF EN and EREN. Currently, ACME Cleantech has a 17.5 MW of solar generation capacity.
The company is developing a 25 MW project in Madhya Pradesh and another 25 MW in Odisha. The joint venture plans to set up an initial portfolio of 200 MW of solar power projects in various phases. “Solar is the most promising alternate source of energy because of availability of more than 300 sunny days a year. We believe EDF EN & EREN partnership will help us to scale solar energy generation and play important role in renewal sector,’’ Manoj Kumar Upadhyay, chairman, ACME Cleantech said in the statement.
EDF EN CEO, Antoine Cahuzac said the new partnership with the company to establish themselves 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 key support of a local company.
The new development is part of EREN’s strategy to partner with local companies with strong leadership in their fields when entering new markets. India is a market poised for expansion, where ACME Solar will be able to provide solar energy at a competitive market cost.
EDF EN will bring in to India its expertise as a world leader in the field of renewable energy. It will also give ACME Solar an access to EDF En’s proven engineering expertise, leading technology partners, world class research and development facility in France, where EDF EN and ACME Solar will be jointly conducting research as how to lower the costs of solar power generation.
EREN will bring in its experience and expertise in project financing, developing and structuring solar projects. It will give ACME Solar an access to PV modules and other products of world class standards. ACME on its part, will be offering its exemplary project execution skills to ensure timely completion of the large scale projects. It has a proven track record in developing, constructing and operating MW scale of power projects. It has pioneered solar power development in India and has commissioned the first solar thermal power project based on Tower technology in Asia.
This partnership also marks the entry of renewable energy leader EDF EN and EREN in India. EDF EN enjoys a market leadership in Europe and North America. The company has a portfolio of 6,538 mw in gross installed capacity of green electricity generation including both: solar and wind. EREN is active in solar and wind energy in France, Greece, Italy and Israel.
