EDF Energies, SITAC set up JV for wind power

MUMBAI: French renewable energy major EDF Energies Nouvelles has formed a joint venture with India’s SITAC Group to develop wind farms in India, the companies said in a joint statement.

The joint venture aims to execute four projects totaling 142 mw in 2016, located in Gujarat, the release 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,” said Malvinder Singh, founder of the SITAC Group and chairman of the JV.

SITAC group has interests in real estate, infrastructure and renewable energy for the development of wind assets in India.

The JV, known as SITAC Management & Development, is a 50-50 partnership between the SITAC Group and EDF EN. 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.

“Going forward, the JV aims to execute a minimum of 1,000 MW across India through an investment of about Rs7,500 crore, spread over the next 3- 5 years,” the press release said.