French state-controlled utility EDF said on Tuesday it had entered the growing Chinese renewables energy market with the acquisition of a majority 80 percent stake in UPC Asia Wind Management (AWM) which develops and builds wind projects.
The company did not give a value for the deal. The acquisition was done through EDF’s renewables unit EDF Energies Nouvelles.
EDF said partners UPC China and the U.S.-based investment fund Global Environment Fund (GEF) would remain shareholders in UPC Asia Wind with a 20 percent share of the company.
The company said China was a priority market for EDF with strong growth expected in the renewables sector in the coming years as the government plans to reach 200 gigawatts in installed wind energy capacity by 2020.