Technique Solaire acquires 5 ground-mounted photovoltaic plants in India and confirms its international expansion.
- The Technique Solaire Group consolidates its position in the solar energy market with the acquisition of 5 ground-mounted photovoltaic power plants in the state of Karnataka, southwest India.
- The combined capacity of these 5 projects is 135.4 MWp, bringing the total capacity operated by the Group in India to 210 MWp.
- This photovoltaic installation produces ~215 GWh of renewable electricity per year, equivalent to the electricity consumption of about 922,000 local inhabitants1.
- The group, which has just announced the fundraising of 200 million euros from Bpifrance and the Crédit Agricole Group, intends to strengthen its international presence and is aiming for photovoltaic power generation capacity of 4 GWp by 2030.
The Technique Solaire Group has finalized the acquisition of 5 ground-mounted solar power plants with a total capacity of 135.4 MWp, located in the state of Karnataka in southwest India.
Commissioned in October and November 2019, these photovoltaic plants have been acquired from ReNew Solar Power Pvt. Ltd, a subsidiary of ReNew Energy Global Plc (“ReNew”) (Nasdaq: RNW, RNWWW), India’s leading provider of decarbonization solutions. It benefits from a secure tariff thanks to a long-term Power Purchase Agreement (PPA) with several local electricity and gas distribution companies in Karnataka.
These ground-mounted solar farms produce ~215 GWh of green electricity per year, equivalent to the Indian consumption of more than 922,000 inhabitants.
This acquisition marks a major milestone for the Technique Solaire group, which now operates 210 MWp in India. The company’s development has been supported by an Indian partner, Manu Bishnoi, who joined the group 10 years ago to launch Technique Solaire’s activities in India, in conjunction with the group’s co-founders: Julien Fleury, Lionel Themine and Thomas de Moussac. Today, the group is one of the top three French solar companies on the market, alongside major institutional energy providers.
Technique Solaire aims to reach an operating capacity of over 350 MWp by the end of 2025 in India (and 1 GW worldwide). It reflects the Technique Solaire Group’s commitment to the Indian solar energy market and its goal of reducing India’s carbon footprint.
The world’s third-largest producer of renewable energy, with 40% of its installed electrical capacity coming from non-fossil fuel sources, India aims to reach 280 GW of installed solar power by 2030. The country, a member of the International Solar Alliance (ISA) created notably in partnership with France, has made the development of solar energy a strategic priority.
Present in India since 2014, the Technique Solaire group commissioned its first project in India in the state of Uttarakhand back in 2017. It then continued its development in the state of Maharashtra, followed by a structured acquisition in the country’s most populous state, Uttar Pradesh.
The group, which won an award from CCI France International in 2019, had previously been awarded the “Best SME Award” by the Indo-French Chamber of Commerce and Industry (IFCCI) in 2018.
Manu Bishnoi, India Director of Technique Solaire: “This is a significant acquisition for Technique Solaire group, and it demonstrates our ability to successfully conclude M&A deals above 100 MW in India. With 210MWp of solar assets in operation, India is our second most important geography after France. We’re proud to be one of the top three French solar companies on the market. We’ve been in the market for 10 years, and our ambition is to increase our capacity in the coming years…“.
Edouard Dazard, Chief Investment Officer at Technique Solaire: “Thanks to this third acquisition in India in three years, we have now nearly 0.5 GW of PV projects in operation globally. We target to reach 1GW in 2025 (including more than 350 MW in India) and 4 GW in 2030 (including 700 MW in India). We are especially proud to close this deal with ReNew, one of the major independent power producers in India. India has a huge potential for solar projects, and we will continue both to invest significant funds in this country in the coming years and to develop our local team that should exceed 15 employees within next few months.”
Kailash Vaswani, Group Chief Financial Officer at ReNew: “It has been a pleasure working with Technique Solaire. At ReNew, we are committed towards furthering the cause of renewable energy in the Indian context. This sale underscores our active capital recycling efforts through which we seek to optimize resources and stimulate growth. By catalyzing fund deployment, we aim to accelerate energy transition in the country. The move also displays sound financial management on our part, and we plan to use the capital for higher-return opportunities in the near term.”
1- Data source : IEA
About Technique Solaire’s Managing Director in India
Manu Bishnoi is the Managing Director of Technique Solaire in India. A native of Varanasi and a graduate of the Maharashtra Institute of Technology and EDHEC Business School France, he started working as a software engineer at Accenture. His meeting in France with the co-founders of Technique Solaire during a seminar at EDHEC marked the start of a fruitful collaboration. After his first involvement in Technique Solaire’s international development, he moved to India to launch and develop Technique Solaire’s business in India and open the New Delhi office.
About the Technique Solaire Group
The Technique Solaire Group produces renewable energy by deploying solar photovoltaic and biogas infrastructures in France and internationally. Founded in 2008, it acts as a catalyzer of both the energy and agricultural transitions. The group’s ambition is to decarbonize the economy and contribute to the sustainable development of territories. With a workforce of 200, the group operates over 450 MWp of photovoltaic power plants in France, Spain, India, and the Netherlands, as well as 3 biogas production units in France. It is aiming to produce 4 GWp of solar energy and 4,900 Nm3/h of biogas production by 2030.
ReNew is a leading decarbonization solutions company listed on Nasdaq (Nasdaq: RNW, RNWWW). ReNew’s clean energy portfolio of approximately 13.7 GWs on a gross basis as of June 30, 2023, is one of the largest globally. In addition to being a major independent power producer in India, ReNew provides end-to-end solutions in a just and inclusive manner in the areas of clean energy, and provides value-added energy offerings through digitalisation, storage, and carbon markets that increasingly are integral to addressing climate change.
For more information: www.renew.com – X: @ReNewCorp – Linkedin: @Renew – Instagram: @renewcorp