NewsVoir

New Delhi [India], February 26: EDF India and Coal India Limited, a Maharatna company of India, have signed a Term Sheet to establish a Joint Venture Company (JVC). This partnership aims to develop pumped storage project(s), potentially integrated with Renewable Energy projects.

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Following the signing of the Term Sheet, both companies will work towards the formation of a 50:50 Joint Venture Company. The proposed JV may undertake projects independently or through the establishment of joint ventures and subsidiaries ("Project SPVs") for project execution within India and internationally.

Aligned with India's ambitious clean energy goals, this collaboration represents a significant step toward advancing the country's renewable energy sector, fostering innovation, and promoting environmental stewardship.

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Coal India Limited (CIL), classified as a 'Maharatna' enterprise under the Ministry of Coal, Government of India, has its headquarters situated in Kolkata, West Bengal. It holds the title of the largest coal producer globally. Across eight Indian states, CIL operates in 84 mining areas, managing a total of 313 active mines, consisting of 131 underground, 168 opencast, and 14 mixed mines.

The EDF Group is a key player in the energy transition, as an integrated energy operator engaged in all aspects of the energy business: power generation, distribution, trading, energy sales and energy services. The Group is a world leader in low-carbon energy, with a low carbon output of 490TWh (1), and a diverse generation mix based mainly on nuclear and renewable energy (including hydropower). It is also investing in new technologies to support the energy transition. EDF's raison d'etre is to build a net zero energy future with electricity and innovative solutions and services, to help save the planet and drive well-being and economic development. The Group supplies energy and services to approximately 41.5 million customers (2) and generated consolidated sales of EUR118.7 bn in 2024.

(1) See EDF's 2023 URD sections 1.2.3, 1.3.2 and 3.1

(2) The customer portfolio consists of electricity, gas and recurring services contracts

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