EDF has announced the acquisition of a majority stake in UPC Asia Wind Management (AWM), a developer of wind energy projects in China.
Giant French utility EDF has announced the acquisition of a majority stake in UPC Asia Wind Management (AWM), a developer of wind energy projects in China.
The move will add over 1.3 GW of wind energy capacity under development, construction or operation to EDF’s global wind power portfolio, said EDF, which has identified China as a priority market.
EDF will own an 80 per cent stake in UPC AWM, with UPC China and Global Environment Fund owning the remaining 20 per cent. The firm has been present in China for over 30 years, but this acquisition marks its first foray into the country’s wind energy market.
“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,” said Jean-Bernard Lévy, Chairman and CEO of the EDF Group. “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.”
EDF now operates over 10 GW of wind energy capacity around the world. China has become the world’s leading renewable energy market, with the government targeting the installation of 200 GW of wind capacity by 2020.