EDF and EREN acquire stakes in India’s ACME Solar

• 10 years ago (2013-12-06)
• Junior Isles

Europe 1061 North America 998 Renewables 752

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French green energy companies, EDF EN and EREN, have each acquired a 25 per cent stake in New Delhi based ACME Solar Energy Ltd, the solar energy arm of ACME Cleantech Solutions, in a deal worth over €65 million.

EDF EN is French state-run utility Electricite de France SA’s renewable energy arm, and currently operates 6538 MW of solar and wind electricity generation capacity in Europe and North America.

Meanwhile, EREN will give ACME access to PV modules and other products, according to a joint statement.

The new deal brings opportunity for expansion of, ACME Solar. ACME solar is already developing two solar projects of 25 MW each in Madhya Pradesh and Odisha. ACME Cleantech also has 17.5 MW solar power capacity. As part of the acquisition deal, the French companies will invest €65 million over three years to help improve ACME Solar’s Indian solar capacity.

“In the first phase, we will set up 200 MW with an investment of Rs 1600 crore (€2 billion). Around 70 per cent of this would be debt. Of the rest, EDF will invest Rs 275 crore (€32 million) while we would put in Rs 150 crore (€18 million). In the second phase, too, 200 MW will be set up,” ACME Cleantech Chairman Manoj Kumar Upadhyay said.

“The EDF EN & EREN partnership will help us scale up solar energy generation and play an important role in the renewable sector,” he added.

EDF EN’s Chief Executive Antoine Cahuzac has said the partnership will help EDF establish its position in the Indian solar power market “in a country with a high level of demand for renewable energy and presenting considerable resource potential”.