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India

India

EDF buys stake in Indian developer Sitac

INDIA: EDF Energy Nouvelles (EDF-EN) has entered the Indian wind market following its 50% acquisition of Sitac Wind Management and Development.

India added over 3GW of wind capacity in 2015, according to Windpower Intelligence
India added over 3GW of wind capacity in 2015, according to Windpower Intelligence

EDF-EN is the renewable energy development arm of the French utility EDF. The deal marks its first foray into the Indian onshore market on the back of positive government policy.

The new partnership is planning to install 142MW in India by the end of 2016, EDF said. The capacity will be split across four projects in the north-western state of Gujarat. The joint-venture will then look to add a further 220MW in 2017-18, EDF told Windpower Monthly. 

The Sitac group specialises in real estate and property development but has a renewable energy subsidiary — of which EDF now owns 50% — that develops wind projects.

According to the Sitac group website, its wind development subsidiary has a development pipeline of around 900MW.

EDF said india was chosen to invest in because of the government's ambitions to install 40GW of additional wind power by 2022 (compared to 23GW at end-2015).

The deal was singed by EDF chairman Jean-Bernard Lvy and Sitac founder Malvinder Singh in the presence of French president François Hollande and India's prime minister Narendhra Modi.

India added more than 3GW of new wind capacity in 2015, according to data from Windpower Intelligence, the research division of Windpower Monthly.

EDF-EN also said it has knowledge of the Indian market through the development  of solar projects in India through its 25%-owned subsidiary ACME Solar.

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