French firm EDF invests $169m in Indian wind energy firm SITAC RE



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France-based EDF Energy Nouvelles (EDF EN) has invested €155 million ($168.5 million) in New Delhi-based wind energy company SITAC RE Pvt Ltd, Malvinder Singh, chairman and founder of SITAC RE told DEALSTREETASIA.

The partnership will not affect the current management structure at SITAC RE.

EDF plans to appoint a CFO for its Indian operations later during the year.

SITAC mainly focuses on the development, financing, construction, ownership and operation of utility-scale wind energy projects in India.

“This is a 50:50 joint venture partnership for wind business in India. Sitac has been in the wind energy business since 2007 and developed 200mw of wind projects in the Indian market. EDF EN have 12 GW of renewable energy around the globe and now plan aggressive growth in India with an immediate investment of Euros 155 million and funds to follow to enable investment of 7,500 crore of projects,” Singh added.