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France's EDF EN and EREN in ACME joint venture for 200MW solar project portfolio in India

EDF Energies Nouvelles and EREN acquire stakes in India’s ACME Solar to develop solar power projects in BRIC country

Solar power plant
EDF Energies Nouvelles and EREN have each acquired a 25 per cent stake in ACME Solar to develop 200MW of solar power projects in India

India’s ACME Cleantech has formed a joint venture with French renewable energy companies EDF Energies Nouvelles (EDF EN) and EREN to develop a 200MW portfolio of solar power projects in the BRIC country. 

Through the joint venture the two French firms have acquired stakes in ACME Cleantech’s subsidiary firm ACME Solar. EDF EN and EREN have each acquired a 25 per cent stake in the company, which will focus on the development, construction and operation of solar power projects in India. 

According to EDF EN, India presents “considerable potential for EDF Energies Nouvelles to expand its solar energy operations.” The company said the BRIC country has a high level of sunshine and a recurring shortage of electricity generation. With current installed capacity of 2GW, the country is aiming to achieve capacity of around 22GW by 2022. 

Antoine Cahuzac, EDF ENCEO, said: “This promising new partnership constitutes a wonderful opportunity for EDF Energies Nouvelles. It 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, with the support of a local company.” 

ACME Solar has started the construction of a 30MW solar power plant in the state of Madhya Pradesh. With EDF EN and EREN joining the team, ACME Solar will gain access to EDF EN's engineering expertise, technology partners and R&D facility in France.

According to The Economic Times, David Corchia, co-founder of EREN, said the partnership with ACME Cleantech is in line with 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,” he said.

The two French firms’ involvement in India’s solar sector follows news this month that Reliance Power will commission the world’s largest CSP project in India, which is based on CLFR technology. The technology has been developed by French firm Areva.