18 July 2016
Clifford Chance advises EDF Energies Nouvelles on major investment in wind energy in China
Leading international law firm Clifford Chance has advised EDF Energies Nouvelles, a subsidiary of EDF Group dedicated to renewable energy, on its acquisition of a majority stake in UPC Asia Wind Management (UPC AWM) which develops and builds wind projects in China.
Following the acquisition, EDF Energies Nouvelles will own an 80% stake in the UPC AWM holding company, based in Hong Kong. Its partners UPC China and US-based investment fund Global Environment Fund remain shareholders with a 20 percent share of the company.
Shanghai partner Kelly Gregory who led on the deal said, "We were delighted to assist EDF with its further investment into the China market. China's renewable energy market is the largest in the world and incredibly dynamic. Not only has it overtaken all other countries in regards to wind energy, but also the entire spectrum of renewables which includes solar and hydro power." Kelly was assisted by associate Jay Liang.
The EDF Group is the world's biggest electricity generator and covers every sector of expertise, from generation to trading and transmission grids. The company has been present in China for more than 30 years.
China has become the world’s leading renewable energy market, with strong growth expected in the coming years. The Chinese government aims to reach 200 gigawatts (GW) in installed wind energy capacity by 2020, an average increase of 15 GW per year.