EDF EN, SITAC to install 142 MW capacity in Gujarat

France’s EDF Energies Nouvelles (EN) has entered into a joint venture with the Indian company SITAC Group for the development of wind assets in India.
The JV, known as SITAC Management & Development Pvt Ltd (SMDPL), a 50-50 partnership between the SITAC Group and EDF EN, plans to complete four wind power projects with a total of 142 MW in installed capacity in Gujarat by the end of 2016. “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,” an official statement said.
The partnership agreement was exchanged by Founder of the SITAC Group Malvinder Singh and Chief Executive Officer and Chairman of EDF Group Jean-Bernard Levy in the presence of the French President, Francois Hollande and the Indian Prime Minister 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.
Mr Levy commented, “I am delighted to be signing this highly promising partnership between EDF Energies Nouvelles, our international subsidiary which now offers its expertise in solar and wind energy in India, and SITAC, a reputed local wind energy partner.”
Chairman of the JV Mr Singh said, “Renewable energy is not only a financial and environmental success story but it also provides a huge boost to the economy and the PM’s ‘Make in India’ initiative since the entire capital expenditure is procured locally. The JV with EDF enables a long term sustainable model as a utility.