The EDF Group enters into wind energy in China, the world’s largest renewable energy market
The EDF Group ramps up development in renewables energies and announces his first project in the chinese wind energy sector. EDF Energies Nouvelles, its subsidiary dedicated to renewable energy, has acquired a majority stake in UPC Asia Wind Management (AWM) which develops and builds wind projects in China.
Following this acquisition, EDF Energies Nouvelles owns an 80% stake in the UPC AWM holding, based in Hong Kong. Its partners UPC China, a longstanding local developer, and the US-based investment fund Global Environment Fund (GEF) remain shareholders with a 20% share of the company.
This new partnership venture has been made possible thanks to EDF Group’s strong roots in the country where it has had a presence for over 30 years through activities in nuclear, thermal and hydro generation as well as energy services.
China has become the world’s leading renewable energy market, with strong growth expected in the coming years. The Chinese government aims to reach 200 gigawatts (GW) in installed wind energy capacity by 2020, an average increase of 15 GW per year.
China is a priority market for EDF. The Group is Europe’s first major energy company to move into the Chinese renewable energy market with high ambition.
The EDF Group which increases its wind energy portfolio by over 1.3 GW - under development, construction or operation in China - with this new partnership agreement, now operates more than 10 GW in installed wind capacity in the world.
On this occasion, Jean-Bernard Lévy, Chairman and Chief Executive Officer of the EDF Group stated: “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."
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