Technique Solaire Expands Globally, Acquiring 5 Ground Mounted Photovoltaic Plants in India

In a significant move signaling international growth, the Technique Solaire Group has successfully concluded the acquisition of five ground-mounted solar power plants in Karnataka, southwest India. These plants, totaling a capacity of 135.4 MWp, were acquired from ReNew Solar Power Pvt. Ltd, a subsidiary of ReNew Energy Global Plc, a prominent provider of decarbonization solutions in India.

Commissioned between October and November 2019, these photovoltaic plants boast long-term Power Purchase Agreements (PPAs) with various local electricity and gas distribution companies in Karnataka, ensuring a secure tariff. Producing approximately 215 GWh of green electricity annually, these solar farms contribute significantly, equivalent to powering over 922,000 Indian residents.

This acquisition propels Technique Solaire’s operational capacity in India to 210 MWp, a testament to the company’s development in the region. Bolstered by a decade-long partnership with Manu Bishnoi, their Indian collaborator, Technique Solaire aims for an operational capacity surpassing 350 MWp in India by 2025, contributing to their global target of 1 GW.

India’s commitment to renewable energy, with a goal of achieving 280 GW of installed solar power by 2030, aligns with Technique Solaire’s ambitions to reduce the country’s carbon footprint. As the world’s third-largest producer of renewable energy, India’s emphasis on solar energy underscores the strategic importance of such acquisitions.

Technique Solaire’s presence in India dates back to 2014, with successive projects in Uttarakhand, Maharashtra, and Uttar Pradesh. Recognitions such as the CCI France International award in 2019 and the “Best SME Award” by the Indo-French Chamber of Commerce and Industry (IFCCI) in 2018 further validate their position as a leading French solar company in India.

Manu Bishnoi, Technique Solaire’s India Director,stated “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, the Chief Investment Officer, reiterated  “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 CFO at ReNew, acknowledged “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.”

This acquisition marks a pivotal moment in Technique Solaire’s international growth strategy, cementing its position as a key player in India’s solar energy landscape while contributing significantly to the country’s renewable energy goals.