ACME Cleantech in solar power JV with 2 French firms
05 December 2013
ACME Cleantech Solutions Ltd, an integrated energy generation, management and conservation company, has entered into a joint venture with EDF Energies Nouvelles and natural resources saving group EREN, to set up large-scale solar power projects in India.
ACME Cleantech will hold 50 per cent stake in ACME Solar Energy Pvt Ltd (ACME Solar) while EDF Energies Nouvelles and natural resources saving group EREN will hold 25 per cent each in the joint venture.
EDF Energies Nouvelles is a major international player in renewable energy and photovoltaic solar power, while EREN is the first group dedicated to saving natural resources.
The joint venture plans to set up an initial portfolio of 200 MW of solar power projects in various phases.
Positioned primarily in the photovoltaic power market, ACME Solar Energy Private Limited has already begun construction of a 30 MW solar power plant in Madhya Pradesh in the centre of India and has a portfolio of 200 MW of projects at various stages of completion.
ACME Cleantech has a current capacity of 17.5 MW of solar generation.
EDF Energies is the renewable energy arm of state-run electricity utility Électricité de France SA.
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,'' Antoine Cahuzac, chief executive of EDF EN, said in a statement.
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.
ACME is a solar power company providing solutions for both thermal and photovoltaic technologies. The company has developed capabilities for developing, constructing, and operating MW scale power projects.
Acme also provides engineering, procurement and construction (EPC) services to other solar power developers as well.
ACME has pioneered solar power development in India and has commissioned the first solar thermal power project based on Tower technology in Asia. This state-of-the-art technology is highly energy efficient.