EDF Energies Nouvelles, EDF Group’s subsidiary dedicated to renewable energy, has acquired a majority stake in UPC Asia Wind Management (AWM), which develops and builds wind energy projects in China.
Following this acquisition, EDF Energies Nouvelles owns an 80% stake in the UPC AWM, based in Hong Kong. Its partners, UPC China and the US-based investment fund Global Environment Fund (GEF), remain shareholders with a 20% share of the company.
China is a priority market for EDF, the company said, explaining that the country has become the world’s leading renewable energy market, with strong growth expected in the coming years as the Chinese government aims to reach 200GW in installed wind energy capacity by 2020, with an average increase of 15GW per year.
With this new partnership agreement, EDF Group now operates more than 10GW in installed wind capacity in the world, the company said.