ACME Cleantech Solutions Ltd, an integrated energy generation, management and conservation company, on Thursday announced that it has entered into a joint venture with French renewable energy major EDF Energies Nouvelles (EDF EN), and natural resources saving group EREN, to set up large-scale solar projects in India.
The two firms will acquire 25 per cent each in ACME Solar Energy Pvt Ltd (ACME Solar). The joint venture plans to set up an initial portfolio of 200 MW of solar power projects in various phases.
EDF Energies is the renewable energy arm of state-run electricity utility Électricité de France S.A.
ACME Cleantech has a current capacity of 17.5 MW of solar generation. ACME Solar is currently developing two projects of 25 MW each in Madhya Pradesh and Odisha.
Antoine Cahuzac, Chief Executive Officer of EDF EN, said in a statement that this partnership with ACME “will enable us to establish our position 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”.
EDF EN will give ACME Solar access to its engineering expertise, leading technology partners, world-class research and development facility in France, where both will jointly conduct research to lower the costs of solar power generation.
EREN will bring in its experience and expertise in project financing, developing and structuring solar projects.