EDF Energies Nouvelles, EREN and ACME Cleantech Solutions Limited complete a Solar JV in India, advised by Astris Finance.
EDF-EN, a global market leader in renewable energy, and EREN, the investment group founded by Pâris Mouratoglou and David Corchia, joined forces with ACME Cleantech Solutions Limited (ACME), a leading Indian renewable energy and telecom company, to form a new Joint Venture named ACME Solar Energy Limited. ACME Solar Energy Limited is dedicated to the development, construction and operation of solar plants in India and holds a 30 MWp PV project in construction in the State of Madhya Pradesh, debt-financed by the International Finance Corporation (IFC) and Rural Electrification Corporation Limited (REC), and has a portfolio of 200 MW of projects at various stages of completion. ACME will own 50% of ACME Solar Energy Limited, while EDF EN and EREN will each own 25%.
Astris Finance acted as financial advisor to the three parties throughout the complete process, from transaction concept to financial close.
“ACME, EDF-EN and EREN recognized the great potential of the solar energy market in India, and decided to leverage their unique and complementary strengths, to build a leading solar energy developer and operator in India”, commented Philippe Ducos, Managing Director of Astris Finance.
EDF Energies Nouvelles is a global market leader in green electricity production, with a portfolio of 6,358MW of gross installed capacity worldwide. With development focused on wind and solar photovoltaic energy, the Company recently entered new promising markets: Israel, Morocco, South Africa and Poland, and is expanding its business in offshore wind energy. The Company is also present in other segments of the renewable energy market: marine energy, biogas, biomass and small hydro as well as in distributed energies. EDF-EN manages renewable energy projects’ development and construction as well as operation and maintenance for its own account and for third parties. EDF Energies Nouvelles is a subsidiary of the EDF Group and its renewable energy arm. For more information, please visit www.edf-energies-nouvelles.com.
Founded in 2012 by Pâris Mouratoglou and David Corchia, EREN is the first group to be fully dedicated to saving natural resources. Through its various subsidiaries, EREN designs, manufactures and owns equipment allowing its customers and partners to rationalize their consumption of energy resources and other natural resources. EREN is also active in the field of wind and solar renewable energies (in France, Greece, Italy and Israel).
ACME Cleantech is a leading provider of innovative, green energy solutions for wireless telecommunications, alternative energy, waste water treatment and environmental impact solutions. ACME started focusing on solar energy a few years ago, providing solutions for both Thermal and Photovoltaic technologies. ACME currently holds a 15MWp PV plant in Gujarat and a 2.5MW solar thermal plant in Rajasthan. For more information, please visit www.acme.in.
Astris Finance is a leading provider of financial and transaction advisory services to infrastructure project developers. Astris's current mandates include acquisition buy- and sell-side advisory services, as well as financial advisory services in connection with non-recourse project finance debt structuring and placement. This closing, which represents the fifth solar transaction executed by Astris Finance in the last 18 months as well as the second one in India, affirms the firm’s track record in the global renewable energy sector. For more information, please visit www.astrisfinance.com.