EDF acquires Chinese developer

CHINA: French developer EDF Energies Nouvelles (EDF EN) has acquired an 80% stake in Chinese wind developer UPC Asia Wind Management (UPC AWM) in what EDF called a first major move by a European wind developer into China.

by David Weston 12 July 2016

EDF said following the acquisition, its global operating wind portfolio exceeds 10GW

UPC AWM's wind portfolio in China totals 1.3GW of capacity either in operation, under construction or in development, according to EDF EN.

EDF EN said China was a priority market for the group, having been active in the Chinese nuclear, thermal and hydro markets for 30 years.

"The Chinese government aims to reach 200GW in installed wind energy capacity by 2020, an average increase of 15GW per year," EDF EN said.

US-based investment firm Global Environment Fund holds the remaining 20% of UPC AWM.

This is EDF EN's second wind developer acquisition in Asia this year. In January, the group acquired a 50% stake in Sitac Wind Management and Development in India with a view to installing 142MW in India by the end of 2016, with a further 220MW in 2017-18.

China installed nearly half the world's new wind turbines in 2015, an extraordinary performance prompted in part by developers pushing forward projects in order to avoid reduced feed-in tariffs coming into force this year.