EDF Energies Nouvelles (EN) has entered into a joint venture with SITAC Group founded by Malvinder Singh with plans to install 142 MW of wind power capacity by the end of this year.
The JV, SITAC Management & Development Pvt Ltd (SMDPL), is a 50-50 partnership between the SITAC Group and EDF EN, a joint press statement said.
A pact for partnership was exchanged by Singh and Jean-Bernard Levy (Chief Executive Officer and Chairman of EDF Group) in the presence of French president Francois Hollande and Prime Minister Narendra Modi at 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.
EDF Energies Nouvelles is a market leader in green electricity production, with a portfolio of 7,903 MW of gross installed capacity focused for the most part on wind (onshore and offshore) and solar photovoltaic energy.
SITAC Group, based in India and Europe, was established in 1978 has grown to become a reputed construction company having undertaken several turnkey construction projects in Middle East, India and Europe.
