ENGIE's latest solar initiative in Gujarat fuels sustainable growth, contributing 400 MW towards India's clean energy ambitions
A prominent player in low-carbon energy solutions, ENGIE has won a 25-year power purchase agreement from the Gujarat Urja Vikas Nigam (GUVNL) and kickstarted the construction of a 400 MW solar project secured backed by an estimated investment of approximately $200 million. The project cements ENGIE's position as a preferred bidder.
The venture is projected to yield 907 gigawatt-hours of electricity, cutting carbon emissions by 774,112 tonnes annually. ENGIE is all set to expand its renewable energy portfolio in India to 1.5 GW with this new project, which will take the total number of its projects to 18, spread across seven states.
The Gujarat solar project marks ENGIE's third foray into renewables in the region, following the operationalisation of a 200 MW solar project in Raghanesda in August 2021 and a 29.9 MW wind project in Tithva in 2019. Currently in the construction phase, the project has received the Final Investment Decision (FID), with operations slated to commence by the second quarter of 2024.
This milestone underscores ENGIE's commitment to achieving its global target of adding 4 GW of capacity annually by 2025, aiming for a total global installed capacity of 50 GW. The FID represents the critical juncture at which project sponsors or investors commit funds before construction begins.
Amit Jain, Managing Director of ENGIE India, expressed optimism about future milestones, stating, "This award is a testament to ENGIE's dedication to supporting India in its energy transition plan and reaching the 500 GW clean energy goals by 2030. Sustainable energy adoption is pivotal for enduring shifts in consumption patterns, and ENGIE stands out as a dynamic player in this realm."
ENGIE's plans include expanding energy storage capabilities and providing innovative energy solutions to Indian customers. The company is unwavering in its commitment to spearheading India's energy transition, fostering collaboration with local partners and stakeholders. ENGIE aims to work closely with government bodies, policymakers, and regulators to cultivate an environment conducive to the growth of renewable energy in India.