France’s EDF looks to raise $100 mn to expand smart meter biz
French government-owned utility services provider Électricité de France SA (EDF) is looking to raise more than $100 million for its smart meter platform, three people with knowledge of the development said. The company is looking to bid for contracts in major cities across India, the first person cited above said. “A few strategics and climate funds have been reached out to.
It is still early days. The deal is likely to be closed in the first quarter of next calendar year," the second person said. In 2019, EDF was chosen by state-run Energy Efficiency Services Ltd (EESL) for putting up five million smart meters in Bihar and Andhra Pradesh.
This contract was awarded to EDF in association with Accenture Solutions Private Ltd (India). It has so far installed more than 200,000 meters so far. The firm designs an advanced metering infrastructure, installs smart meters across India, integrates the smart meters with existing billing system of electricity distribution companies as well as operation and maintenance of the whole system for a period of six-and-a-half years, as per the contract.
EDF is active in three sectors in India—nuclear, renewables and services, according to the company website. In the nuclear space, EDF is involved in the development of a nuclear power plant in Jaitapur, Maharashtra. In the renewable energy segment, it has a 2.84 GW of renewable energy portfolio including solar and wind power projects along with developing three solar photovoltaic module plants through its joint venture EDEN Renewables India.
Emailed queries sent to the EDF spokesperson went unanswered. India’s smart metering ambition has seen a lot of interest from local as well as global players. Last week Mint reported Eversource, the joint
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