France-based independent power producer Technique Solaire has acquired five ground-mounted solar power projects with a combined capacity of 135.4 MW in Karnataka from ReNew Solar Power.

The projects commissioned between October and November 2019 have secure tariffs owing to long-term power purchase agreements with electricity and gas distribution companies in Karnataka.

The projects produce nearly 215 GWh of green electricity annually, equivalent to the Indian consumption of more than 922,000 people.

With this acquisition, Technique Solaire operates 210 MW of renewable projects in India and 450 MW worldwide. It intends to reach an operating capacity of over 350 MW by the end of 2025 in India and 1 GW worldwide.

“Thanks to this third acquisition in India in three years, we now have nearly 500 MW of solar projects in operation globally. We target reaching 1 GW 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 India’s major independent power producers. 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 the next few months,” said Edouard Dazard, Chief Investment Officer at Technique Solaire.

Recently, Technique Solaire Group raised €200 million (~$215 million) from its financial shareholders, Bpifrance and Crédit Agricole group1, via its holding company JLT Invest. This funding round will enable the group to accelerate its growth in energy production activity, intensify its innovation strategy, and strengthen its international presence.

According to Mercom Capital Group’s 9M and Q3 2023 Solar Funding and M&A Report, 66 project acquisitions were made for 31.6 GW of solar projects during the nine months of 2023, compared to 207 acquisitions for 52.1 GW last year.