EDF Energies Nouvelles (EN) a market leader in green electricity production and a wholly owned subsidiary of the EDF group has entered into a JV with the SITAC Group, a leading Indian transnational, founded by Malvinder Singh, with interests in real estate, infrastructure and renewable energy for the development of wind assets in India.
The JV, known as SITAC Management & Development Pvt. Ltd. (SMDPL) is a 50-50 partnership between the SITAC Group and EDF EN. The partnership agreement was exchanged by the Singh and Jean-Bernard Levy (CEO and Chairman of EDF Group) in the presence of the French president, Francois Hollande and the Prime Minister of India, Narendra Modi as part of the recently concluded India-France Business Summit at Chandigarh.
While SITAC has been a part of the Indian wind energy industry since 2007, this is EDF EN's first foray in the country's onshore wind market.
As part of the partnership agreement, both parties will complete four projects with a total of 142 MW in installed capacity, in Gujarat by the end of this calendar year. This will be done through a 25-year Power Purchase Agreement (PPA) with the Gujarat Urja Vikas Nigam Ltd. (GUVNL). Going forward, the JV aims to execute a minimum of 1,000 MW across India through an investment of about Rs.7,500 crore, spread over the next 3- 5 years.
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