Technique Solaire Acquires 5 Solar Plants With 135.4 MWp Capacity

In a strong indicator of its plans for India and overall international expansion, French developer Technique Solaire Group has acquired 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.

The Technique Solaire 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.

Commissioned in October and November 2019, these photovoltaic plants in Karnataka have been acquired from ReNew Solar Power Pvt. Ltd, a subsidiary of ReNew Energy Global Plc. 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.

The company’s development has been supported by its 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).

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.

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.”