"EDF EN, the renewable energy arm of French state-run electricity utility lectricit de France S.A., and natural resources saving group EREN will acquire 25 per cent each in ACME Solar to set up large scale solar projects in India," ACME Cleantech Solutions said in a statement.
ACME Solar will thus be a joint venture between ACME Cleantech, EDF EN and EREN.
ACME Cleantech has a current capacity of 17.5 MW of solar generation.
ACME Solar is currently developing a 25 MW project in Madhya Pradesh and another 25 MW in Odisha.
The joint venture plans to set up an initial portfolio of 200 MW of solar power projects in various phases.
"Solar is the most promising alternate source of energy because of availability of more than 300 sunny days a year. We believe EDF EN & EREN partnership will help us to scale solar energy generation and play important role in renewal sector," Manoj Kumar Upadhyay, Chairman, ACME Cleantech, said in the statement.
"This promising new partnership will enable us to establish our position in the solar power market in a country with a high level of demand for renewable energy and presenting considerable potential in terms of resources, with the key support of a local company," Antoine Cahuzac, Chief Executive Officer of EDF EN, said.