French state electricity company EDF has entered the Indian solar market through a joint venture with domestic developer Acme Cleantech Solutions which is aiming to develop a 200 MW portfolio.
According to a press release from Acme Cleantech on Thursday, the ACME Solar JV, which also involves French natural resource group EREN, already has 50 MW under development in India, and wants to raise that to 200 MW, in stages, for its ‘initial portfolio.'
Acme Cleantech, part of the Harayana-based energy management, wireless telecomms and alternative energy conglomerate Acme Group, said the JV with EDF's renewables arm EDF Energies Nouvelles and EREN is already developing 25 MW projects in Madhya Pradesh and Odisha.
Acme Cleantech, which has 17.5 MW of solar generation in the country, will hold a 50% stake in the new JV with its French partners each owning a 25% holding.
Under the association, Acme Cleantech and EDF Energies Nouvelles will conduct joint research in the latter's French R&D facility, with the aim of lowering solar generation costs and EREN will supply project management and solar development experience.
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