EDF acquires majority stake in AWM to expand wind energy sector in China

13 July 2016 (Last Updated July 13th, 2016 18:30)

French subsidiary EDF Energies Nouvelles has acquired a majority stake in Chinese project developer UPC Asia Wind Management (AWM).

French subsidiary EDF Energies Nouvelles has acquired a majority stake in Chinese project developer UPC Asia Wind Management (AWM).

With completion of the acquisition, EDF Energies Nouvelles will own 80% of shares in Hong Kong-based UPC AWM, while the remaining 20% will be held by US-based Global Environment Fund (GEF).

EDF Group's chairman and chief executive officer Jean-Bernard Lévy said: “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.

“We have been present in this country for more than 30 years and it is providing significant growth opportunities to the Group and we are delighted to boost our presence in renewable energy sources.”

"EDF Energies Nouvelles will own 80% of shares in Hong Kong-based UPC AWM, while the remaining 20% will be held by Global Environment Fund."

The current partnership has supported EDF Group to increase its wind energy portfolio by more than 1.3GW from projects under development, in construction, or in operation in China.

With the completion of the deal, the company will operate more than 10GW in installed wind capacity worldwide.

EDF Group has been operating in China for more than 30 years, providing nuclear, thermal, and hydro power, as well as offering energy services to the country.

The Chinese government aims to install 200GW of wind energy capacity by 2020, which represents an average increase of 15GW every year.


Image: EDF Group owns more than 1.3GW of installed wind energy capacity in China. Photo: courtesy of EDF Energies Nouvelles.