As part of its expansion in India, EDF Energies Nouvelles is moving into onshore wind energy by acquiring a 50% stake in SITAC Wind Management and Development, an Indian wind energy company.
In the presence of the President of France during his recent visit to India and the Indian Prime Minister, Jean-Bernard Levy, Chief Executive Officer and Chairman of EDF Group, sealed the partnership agreement with Malvinder Singh, the founder and majority shareholder of the Indian SITAC Group.
The joint venture plans to install 142-MW capacity by the end of the year.
This joint venture has now become EDF Energies Nouvelles’ wind energy subsidiary in India. It is jointly owned by the SITAC Group specialized in real estate and, which has developed its wind expertise in India since 2007.
The partnership between SITAC and EDF Energies Nouvelles aims to cover every section of the wind energy market — from the development, construction, and financing of wind farms in India, to their operations & maintenance.
In 2016, four projects with a total of 142 MW in installed capacity will be completed. Located in the state of Gujarat, one of the windiest of India, they hold a 25-year Power Purchase Agreement (PPA) signed with GUVNL, the local electricity distribution company.
The joint venture has promising future opportunities in the country.
Filed Under: News, Projects