French firm EDF Energies Nouvelles, a subsidiary of EDF Group, has acquired 80% stake in Chinese wind power projects developer UPC Asia Wind Management (AWM).
UPC China and US investor Global Environment Fund hold the remaining 20% interest of the Chinese developer.
The acquisition will add more than 1.3 GW of projects under development, construction or operation in China to EDF's wind energy portfolio which now has over 10 GW in installed wind capacity globally.
EDF said China is a priority market for it as the country has become the world’s leading renewable energy market, with strong growth anticipated in the coming years.
The Chinese government plans to install 200GW of wind energy capacity by 2020, an average increase of 15GW per annum.
EDF Group is Europe’s first major energy firm to move into the Chinese renewable energy market.
EDF Group chairman and CEO Jean-Bernard Lévy said: “In the framework of EDF’s strategy CAP 2030, our goal is to accelerate our low-carbon generation, with a diversified energy mix where nuclear and renewable energy balance each other.
“Our development in high-potential markets, such as China is a full part of this dynamic process. This country where we have been present for more than 30 years, is providing to the Group significant growth opportunities and we are delighted to boost our presence in renewable energy sources.”
Image: EDF Group acquires 80% stake in UPC Renewables in China. Photo: Courtesy of EDF Energies Nouvelles.