The subsidary EDF Energies Nouvelles, responsible for renewable energies at EDF, is the first European energy company entering the growing renewable energy market in China.
Recently China caused a stir due to its acquisitions in the European energy sector. Now, the largely state-owned French energy company EDF enters the Chinese wind market. The renewable branch EDF Energies Nouvelle acquired 80 percent of the Chinese wind park developer UPC Asia Wind Management. The remaining 20 percent of the Hong Kong based company is owned by UPC China and the investment company Global Environment Fund (GEF) from the US. “With this entry EDF is the first big European energy company engaged in China’s renewable energy market.” EDF said.
China ist he biggest market for renewable energies and the government planst o increase the installed capacity for wind power to reach 200 GW by 2020. This relates to an annual construction of 15 GW. The acquisition of UPC Asia Wind Management allowed EDF Energies Nouvelles to increase its wind portfolio in China to 1.3 GW, while its worldwide portfolio rose to more than 10 GW of wind power. Having been engaged in the Chinese market for more than 30 years, primarily in nuclear, thermal and hydro power, EDF was able to convince the Chinese government to consent to the acquisition.