France’s EDF buys Chinese wind energy firm

AFP, PARIS: Seeking to place itself as the main European player in a burgeoning Chinese market, state-owned French energy giant EDF said yesterday it had taken a controlling stake in Hong Kong-based UPC Asia Wind Management (AWM).
EDF, which did not reveal what it had paid for the 80 per cent stake in AWM, the local arm of wind farm operator UPC China, already has nuclear activities in China, as well as a growing presence in thermal and hydraulic power.
US investment fund Global Environment Fund (GEF) will retain a 20 per cent share of AWM, said EDF, which last year dubbed China the centre of gravity of the global energy industry.
The French firm, which highlighted its view of China as a priority growth market, is present in a swathe of Chinese cities, notably with a stake in a nuclear plant at Taishan in the south.
"Our goal is to accelerate our low-carbon generation, with a diversified energy mix where nuclear and renewable energy balance each other," said said EDF's chief executive Jean-Bernard Levy in a statement.
"Our development in high-potential markets, such as China is a full part of this dynamic process.

Frances EDF buys Chinese wind energy firm

AFP, PARIS: Seeking to place itself as the main European player in a burgeoning Chinese market, state-owned French energy giant EDF said yesterday it had taken a controlling stake in Hong Kong-based UPC Asia Wind Management (AWM). EDF, which did not reveal what it had paid for the 80 per cent stake in AWM, the local arm of wind farm operator UPC China, already has nuclear activities in China, as well as a growing presence in thermal and hydraulic power. US investment fund Global Environment Fund (GEF) will retain a 20 per cent share of AWM, said EDF, which last year dubbed China the centre of gravity of the global energy industry. The French firm, which highlighted its view of China as a priority growth market, is present in a swathe of Chinese cities, notably with a stake in a nuclear plant at Taishan in the south. Our goal is to accelerate our low-carbon generation, with a diversified energy mix where nuclear and renewable energy balance each other, said said EDFs chief executive Jean-Bernard Levy in a statement. Our development in high-potential markets, such as China is a full part of this dynamic process.