EREN, a French investment group launched last year, has formed a joint venture with French renewable energy firm EDF Energies Nouvelles (EDF) and Indian renewable energy and telecom specialist ACME Cleantech Solutions Limited (ACME) to target solar energy investment opportunities in India.
The joint venture, named ACME Solar Energy Limited, will develop, construct and operate solar plants in India and already has a 30 megawatt (MW) photovoltaic (PV) plant in construction in the state of Madhya Pradesh, which is debt financed by the International Finance Corporation and India’s Rural Electrification Corporation.
ACME Solar Energy will be owned 50 percent by ACME, and 25 percent each by EDF and EREN. A statement said the JV had a further portfolio of projects worth 200MW at various stages of completion.
The JV was advised by Astris Finance, a Paris-based adviser to infrastructure project developers, which briefed all three parties from concept to close. Astris said this was the fifth solar deal it had completed in the last 18 months and the second in India.
EREN, which is focused on natural resources, was founded in 2012 by Paris Mouratoglou, who founded EDF Energies Nouvelles, and David Corchia, who was chief executive officer of EDF Energies Nouvelles from 2006 to 2012.
Through subsidiaries, EREN designs, manufactures and owns equipment. It is also active in wind and solar energy in France, Greece, Italy and Israel.
EDF Energies Nouvelles is focused on green electricity globally and has 6,358MW of gross installed capacity; while ACME is a provider of green energy solutions in the areas of wireless telecommunications, alternative energy, wastewater treatment and environmental impact.